Bad Credit Agency

Help on getting a poor credit first time buyer mortgage?

Me and my partner are desperate to buy a house but we are worried we cannot find a lender to give us a 100% mortgage due to our salary and credit history(neither of us have CCJ'S just defaults etc) We have rented for nearly two years and paid it on time every month, and also have spoken to our rental agency and they said they will give a reference to show how stable we have been on the payments. We are on 28000K combined per annum, and are wondering if anyone knows any lenders that could help us. the properties we have been looking at are 86k and under. thanks so the amount we want is not excessive. emma p.s im not self employed. Also Im in the UK!

Public Comments

1. Your best option is a Self Cert Mortgage, you might pay a little extra interest, but it would suit your needs.
2. There are many lender who give 5 x salary etc, if you want advice e-mail me.
3. how would you rate your credit overall? 100% loans are generally qualified with a minimum 580-600 score. I work with one company that can do it for around a 550-560 score depending on your verifications.
4. Depends on a lot of different things... For instance, credit score, years of employment, etc.. you said you have only rented for under 2 years..is that at the current residence, or is that overall? What you need to do is call a professional, allow them to gather all basic information, and then allow them to give you an analisys... from there you will have accurate information... To be frank, i have done plenty of 100% financing loans for people with low credit...it just depends how low... My name is Jason Fry, i work with Providential Bancorp, a nationwide mortgage lender.. Feel free to call me at 312-264-6448, or email me at jasonf@providential.com... i would be happy to let you know if you can qualify!! good luck! Jason Fry Senior Mortgage Specialist Providential Bancorp 312-264-6448
5. My name is Joseph Correa, I am a mortgage broker who works with over 100 lenders nationwide and I specialize in working with people who have less than perfect credit. I have several programs that fit your needs. I would be happy to take a look at your situation for you at no obligation. Please feel free to contact me Jcorreahq@yahoo.com or my direct line (813) 352-8345
6. what state are you in? that is not a bad price range for your income so there are special programs to help you just depending on your scores and credit history. if they are just charge offs it can be worked out. especially if you have some good trade lines now. such as phone bill, cable bill, electricity bill that are up to date. and the best thing is there are some properties that offer sellers contribution at closing to help with the cost.
7. myself and partner are in exact situation on same money, mortgage advisor told us best way to go is to buy house you rent because you should get discount and also 110% mortgage on value of house, contact your rent agency department and INDEPENDANT Mortgage adviser, we still need more facts as to when you are entitled to buy rented accomodation, whether after 2 years or 5?? I will monitor all your other answers for more information for us!.
8. ***Apparently while I was composing my reply you added more info, and a few others responded. Since you are in the UK my reply will have little value to you however since it is also read in the US I have left my response because there are a number of people in like situations. And your currency is in pounds, therefore converted to US currency that makes it about $46,000.00 and raises the home price range which stateside is good. Your combined income is $28,000.00? You failed to state what city/state you currently reside in. FHA loan qualifications are like this: min. 580 credit score, no unpaid delinquent debts, no late pays in the last 12 months. On the job time is 2 yrs however a job in the field of your degree allows the college to count as TOJ. If a bankruptcy is part of your history, it must be discharged 2 yrs., no late pays since. You may re-establish credit with rent, cell phone, credit card, electric, gas and water bills all paid timely. Any unpaid deliquent bills must be paid curret and a letter of explaination will be of value. If negative items are on yur credit report, write a letter to the reporting agency and they have 30 days to reply or it gets removed- certainly worth doing. Assuming that you have no other debt, the range of payment you qualify for on your indicated total income is $676.67, which should include the taxes, principal interest and insurance costs monthly. That does not qualifuy for a lot of house, bu tI estimate inteh $75,000.00 price reange. You may find a converted apartment to condo for that but not likely. To qualify you must do something to increase your income. Lenders evaluate risk to determine your ability- and probability of repaying the note. Your chances based upon what you have provided are slim. Even with a gov't loan program supplying the down payment and closing costs, you still have to raise you income or again you will qualify for a paper box or less. Take some classes (government assistance is available for that), raise the value you have to bring to an emloyer thereby increasing your wages, and then you can clear up your credit hiccups and improve your lifestyle. Additionally, I would never recommend anyone buy a home with somebody that they are partnered with as it is a bigger mess when that relationship dissolves than when a married couple divorce which has enough of its own problems.
9. look at all these vultures. Do you understand that the only loan u will be approved for is a ridiculously high interest rate and which is most likely adjustable. Banks and other lenders make a fortune on people like yourself. they can't lose. If you stop making payments they will just sell the property immediately.
10. speak to the mortgage broker