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how can you get a home loan with bad credit?

i have bad credit and i would like to buy a home. how can i go about doing that without paying everything off first

Public Comments

  1. I don't know where Juhi P has been, but the housing market has tanked here in the States and people with good credit ratings are finding it difficult to buy homes. Bad credit? Forget it. The financial sector collapse is having an effect just about every where in the industrialized world.In short, it will be tough. One slight possibility---seller financing.
  2. This is very difficult if not impossible nowadays. If you are to qualify for one at all it would be with a very high down payment. Think $10,000 or more. Your best bet is, I am afraid, paying everything off. Sorry.
  3. May be this site can help you http://www.thetechnology.net
  4. It is not difficult to get your mortgage approved even with bad credit rating. The key is to choose a right lender who deals especially in bad credit mortgages. There are lenders known as Subprime mortgage lenders have various programs that cater only to the homebuyers whose credit rating is bad. Do not go to your traditional mortgage lenders or banks, which are more likely to turn you down. http://pay-your-debts.com/category/Bad-Credit-Mortgage-Loan-Tips.html
  5. Guidelines have changed a lot lately with regards to less-than-perfect credit. That said, there are still options for buyers with lower credit scores. Specifically, FHA loans which are more flexible with credit scores and income levels. FHA loans are available as both a 15- and 30-year fixed-rate loans, and they give you the security of knowing you're choosing a stable program because they're created by the Federal Housing Administration. If you're unfamiliar with FHA loans, here are some FHA facts that might give you a better idea of how the guidelines are more forgiving: 1) Your down payment can be as low as 3% of the price of the home (only until October 1, 2008 – after that, you’ll need a 3.5% minimum down payment, so if this is something you want to take advantage of: act fast). 2) Until October 1st you can get your FHA loan without having to use any of your own money as a down payment! With down payment assistance (only until October 1, 2008), you can get up to 10% of your loan value through AmeriDream® and Nehemiah®. 3) FHA also allows seller concessions up to 6% of your home purchase price. 4) First-time home buyers can get a tax credit up to $7500. 5) Also, if you need a lower rate or payment, check out FHA Rate Break. It's a 1-year 1% reduction in your interest rate only available with FHA home loans! Instead of taking an ARM, you can choose FHA Rate Break and enjoy a low payment AND a fixed rate. Hopefully that information helps out. Without knowing more about your situation, it's hard to say exactly which program you'd qualify for. It's best to speak directly with a Mortgage Expert who can walk you through the qualification process and let you know exactly what you qualify for. Best of luck.
* Some answers may have been provided by Yahoo! Answers.