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| Question |
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What are some of the lending banks that help with home loans and bad credit?
I HAVE A LOW 500'S CREDIT SCORE, WE HAVE BEEN A STRUGGLING FAMILY FOR YEARS NOW, WE HAVE 7 KIDS AT HOME, 4 ARE FROM PREVIOUS MARRIAGES.WE ARE IN THE NEED OF OWNING OUR OWN HOME, IVE RECENTLY GOT A PROMOTION AT WORK THAT ALMOST DOUBLED MY INCOME.BETWEEN THE BOTH OF US WORKING WE MAKE ROUGHLY 80 A YEAR. CAN WE STILL GET HELP WITH A HOME LOAN?
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| By
thomas p |
Posted on
06/14/07 Total Answers
5 |
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| Answers- |
| First, stop yelling. We can hear you just fine if you use lower case. Second, don't tell anyone how many children you have, because there are disposable income requirements for loans that having 7 kids will really screw up. Third, if you have a low 500s score, get used to the idea of having a down payment of at least 5%, which will probably go up soon given Fannie's changing guidelines lately, and having MI on the loan, because the only way you'll get a mortgage with that kind of score is to either go conforming, or make a deal with the subprime Devil. |
| Answer by :
togashiyokuni2001 On Date
2007-06-14 07:06:13 |
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| Lower your credit card balances,
Pay your bill, that are on your credit report on time,
Try to pay / settle in new collection or judgment (new within 16 months)
Don't close and/or open any accounts
Order your credit report and dispute any thing at is wrong
That should help raise your FICO score within months
FHA for low fico score, would need a 3% down payment. Lowering your debt ratios and increasing your FICO scores first would be better. |
| Answer by :
ron d On Date
2007-06-14 08:09:21 |
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| Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html |
| Answer by :
Gary H On Date
2007-06-14 08:36:56 |
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| I know a few of them who lend loans. Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on<!--bad credit, you must know to how to confront it. Of course, Even if you have bad credit, you can get loans. Many factors can contribute to someone getting a "bad credit" rating, among these are non-payment of an account or late payments over an extended length of time. Take a look on
http://badcredits.awardspace.com/homeloans.htm
You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to-->arrange loans or other finance, and usually means you will pay more interest on any loan you take out. |
| Answer by :
Henry M On Date
2007-06-14 19:17:11 |
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| If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate.Only few companies provide loan with poor credit score.Check out link for details.
http://l4y.info/ |
| Answer by :
rajesh k On Date
2007-06-14 23:44:57 |
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