| Question |
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Are there any home loans that dont check your credit?
If so, is the interest rate higher? Because my credit is bad.
I got no down for a house. I heard of 1st time home buyers, what are the requirnment for that.
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| By
mike |
Posted on
04/23/06 Total Answers
9 |
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| Answers- |
| Yeah, check with Vinnie down at the club. No fuss, no muss, unless of course, you cannot repay with 100% interest. then, you get your legs broken. |
| Answer by :
i_am_the_dark_clown On Date
2006-04-23 10:20:56 |
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| Yes, loan sharks. |
| Answer by :
gprabbit85 On Date
2006-04-23 10:21:27 |
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| Everyone who plans to loan you money to buy real estate will check your credit.
However, it's a whole lot easier to get a home loan than it is a car loan. First thing to do is locate a mortgage finance company. Sit down with them and be totally honest with them. They will help you in every way they can to put together a loan.
Then, they'll send you out to find a home in your price range. Go for it. |
| Answer by :
Stuart On Date
2006-04-23 10:23:13 |
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| any reputable loan source will check your credit. sorry man. |
| Answer by :
ggh On Date
2006-04-23 10:23:39 |
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| No They all check your credit. Yes, the interest rate is higher for people who have poor credit and they may not be able to get a loan at all until they have improved their credit rating.
There are a number of programs that will help people become first time home owners but even with a no down payment loan there are usually some up front and closing costs. |
| Answer by :
skygreen On Date
2006-04-23 10:24:40 |
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| There are plenty of lenders willing to give loans for people with less than perfect credit.
If you're looking for a government backed loan (like for a first time home buyer), you can usually find info on these programs from your state's website. They will also give you a list of the requirements and the lenders that are approved to process these loans. Go luck! |
| Answer by :
bostonfan7 On Date
2006-04-23 10:24:44 |
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| The only way to do what you want here is if you have a minimum of 20% down. They have "no doc" or "low doc" loans where they don't base it on your credit, but that is only if you are investing a substantial portion of your own money.
Look up www.naca.com it's a non-profit housing agency that does it's own loans. They will work with you to improve your credit and they have buyer education classes. They actually got started offering mortages through a settlement they won against Fleet Bank for Fleet's predatory lending practices.
Good luck! |
| Answer by :
sunshine_today On Date
2006-04-23 10:24:51 |
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| Sorry Mike.
Unless you want to take your chances with "Vinnie", you're pretty much out of luck. Your credit is the most important tool used when getting a home loan. There is no way around it.
There are programs for people with bad credit....you will just have to deal with a horrendously high interest rate.
Check with your local mortgage brokers and I'm sure someone will be able to help you.
Good luck and God Bless! |
| Answer by :
a_littlebit_of_me On Date
2006-04-23 10:25:58 |
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| No,Your credit is not checked because they want to increase your intrest, but to see whether u have enough money to be able to pay them at alater stage. |
| Answer by :
kido On Date
2006-04-23 10:26:05 |
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