Can you get a home loan with bad credit?
I live in the state of Iowa. I have horrible credit. I have a very small monthly income and I need to try to get financed for a home loan without having to pay a big amount. Is it better to file for bankruptcy or just try to rent or is it really possible to buy? i need a list of sites that will help me and if anyone knows any person or company in the state of Iowa that can help that would be an instant 10 pointer lol... thank u If the answer is yes, plz tell me where would be some good places to start looking for loans without having to pay anything down and with getting a yes or no that day... i need to know soome great places that specialize in bad credit issues (repo, evictions, charge offs, slow pay, etc.= 11k in the whole)
Public Comments
- Yes, If you have no bankruptcy history.
- Even if you have bad credit, but have good income, you have a good chance. But you're not meeting the criteria in either side. Bankruptcy is the last thing should come in mind. In your case I rather suggest you talk to a good good home refinancing or mortgage company. Try also to find someone to co-sign with good credit or high income. See if you can talk to one of the agents in http://www.LendingTree.com they have connections with various banks, and online companies.
- Banking, which mortgage companies are a part of, is a business that evaluates the worthiness of a person's ability and WILLINGNESS to repay a loan. If you have bad credit, how can you realistically expect a business to lend you money with your track record? If I had your track record, and I came to you for a loan, would you lend me money? You in all probablity will have to have a co-signer, before they will lend you anything.
* Some answers may have been provided by Yahoo! Answers.