Bad Credit Mortgage
Bad Credit Mortgage questions and answers
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Q: Can you get a bad credit mortgage loan anymore?
Have a credit score of around 620-640. Past wage garnishment (a year ago) but paid off early. Past car repossession (reason for the garnishment.) Other small things charged-off. Only looking for a mortgage loan of $25K or less with $10K for down payment. With todays economy, is there any chance of finding a mortgage company? What kind of rates would I be looking at?
A: I won't says it's impossible - only a lender who can look at your actual data could say that - when people over 700 can't always get loans, I'd say the chances aren't great.
You have nothing to lose by checking into it though. Just go talk to a couple of lenders and find out. Having a down payment would be a huge help to you.
Q: How Will I Afford a Mortgage With Bad Credit?
Both my boyfriend and I have very, very bad credit. We have paid all of our debts off, but that still does not help our cause.
We want to own a home and NOT rent.
How are we going to be able to get a mortgage w/ such bad credit. We do not want to be renters forever. We CAN afford a home, but we can't get the loan.
Sorry, we are getting married. That's why we are buying a home.
A: Veryyy confused here ,
If you paid all your debts ,
How can you have bad credit ?
A huge part of the FICO score is debt to income and if you have no debt . . . ?
Only if there are charge offs and bankruptcies can it be less than good .
Either you wait until your score comes up with time
And the charge offs or bankruptcy are old history . . .
Then you can get a good rate .
OR , suck it up and pay the higher % they charge for bad credit mortgages .
Personally , I'd give it a couple of years (if what you say is true about having NO debt) .
It will save you an additional fortune in % charges .
In the meantime , save up the 20% down so you are not wasting $$$$$$$ on PMI .
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Q: i need a bad credit mortgage company, can any one help?
i need a mortgage and have little money down. monthly income is around $5500 and really no other bills. however, i have a bankruptcy that is just over a year old. my credit scores are 630, 624 and 600....does anyone have any suggestons where i could find a mortgage company that will finance me with the mortgage meltdown as it is now?
A: You left out an important point: finds available for down payment, settlement costs. We have loans programs for which you may be qualified, but you do need money for down payment, appraisal, settlement costs, etc.
Q: UK: Getting a mortgage with bad credit rating; Making a large deposit, how much equity will I have?
I have a very bad credit rating but a very good income. I’m working on improving my credit rating (takes time), but need to take a mortgage now, as I have big family and my rent is around £1200, which is a waste of money. Preliminary I did qualify for a sub-prime mortgage (around 8%), with the minimum deposit of 25%; how much equity in % will I have from start?
A: if a property you buy is worth x dollars and u put down 25% then you have 25% equity. normally bank wont lend to u if the appraisal doesn't come out to the value of purchase price.
The lender want to protect themselves so they will make sure the value is there before lending the money.
Now if you got a great deal and appraisal came out high on property you could potentially have a greater then 25% equity position. Most likely bank will still want your 25% as they call it your skin in the game!
Q: Does big deposit balance bad credit rating for mortgage?
I have a (very) bad credit rating; tried to repair it, gained few points by paying off defaulted accounts, but still bad.
Want to buy a car and get a mortgage: Does a big deposit convince the provider or sales people to give you a mortgage or to sell you a car by instalments?
A: No sorry it doesnt.
Q: I am looking for a bad credit mortgage in Canada.?
I have outstanding loans that I would like to consolidate into my mortgage. Does anyone have any recommendations?
A: Talk to the financial institution that holds your mortgage first. As a mortgage lender for a major bank I can tell you this is one of the most common requests we receive. A number of Canadian banks have recently brought out new products to help people who may not have perfect credit due to many different circumstances. If your bank isn't able or willing to do this then I would start shopping around. Unlike a loan most banks expect you to shop around for a mortgage and you may be surprised at what they are willing to do to get your business.
Q: can i get a mortgage with bad credit and ccj history?
i have bad credit and have had a ccj within the last 12months will i ever be accepted for a mortgage?
A: The way reputable mortgage companies are handling loans right now, I would doubt it. If your credit score is at least 700, then perhaps you could get a mortgage from a lender online. However, due to the recent mortgage crisis, many of the criteria that were used in the past few years to qualify borrowers, has been thrown out the window. Lenders got burned when many bad credit people walked away from their homes and wound up in foreclosure.
There is a new FHA Express mortgage available now and you may qualify for that. 3% down and you can borrow up to 95% of the home's value.
Bad credit borrowers are very risky and the lender doesn't want to take a chance that you'll default and stick them with a house they cannot unload.
My advice? Wait a couple years, clean up your credit and stuff some money away. Even $50 a month stuffed into a savings account is better than nothing. If you have a larger down payment, lenders will think that you're less likely to default if you have a good chunk of your own money to lose, and you'll qualify for a better interest rate. That saves you big money in the long run.
Q: need to purchase home and credit is 588 what r my chances of getting mortgage. bad credit due to divorce?
strong opinion! ex cleaned out my acct of 25k without my knowledge, my credit cards-he was authorized user, i walked away with debt incurred by other, loans to repay, etc. i was not financially careful. i pay $1400. in rent now. why not purchase?
A: #1 - Bad credit is not due to divorce. It is due to not living up to the financial obligations that you signed up for.
#2 - You do not NEED to purchase a home. You WANT to purchase a home. This unrealistic sense of need vs. want is probably what led to #1.
#3 - If you want to eventually purchase a home, go rent something cheap, and clean up the derogatory marks on your credit report. (i.e. PAY your debts.) Then, save up a reasonable down payment (20% minimum) and shop for a reasonable home. A reasonable home is one with a 15 year fixed rate mortgage with a payment of no more than 25% of your take home pay.
Q: How and where can I get help finding a mortgage with bad credit?
I have pretty bad credit from when Is was a kid now I need to stop paying rent and start paying a mortage. If anyone knows where I can find help please let me know.
A: I don't want to sound like a downer, BUT.....with bad credit, you WILL get charged a much higher rate than people with good credit. Which add up to years of extra payments and money. And the housing market and econmy are VERY bad right now. Think this through. Been there done that. And wish I hadn't!
Q: Bad Credit Mortgage Refinance in Australia?
I am trying to refinance my existing home loan, plus a 2nd mortgage as well as a number of other loans, cards etc. I do have 2 defaults on my file, one paid and one unpaid. Has anyone been in a similar situation and how did they refinance
A: Though refinancing your home loan to get extra cash and pay off your credit card debt might be a good idea. It is not the best solution. This serves best the credit card interests and not yours. Because even if you get your debt settled and eliminate it for good, if you don't change the way you spend, you'll keep accumulating debt once again and maybe next time you won't be able to resort to your home equity.
Moreover, since refinance home loans generally worsen the terms of your mortgage, you are further risking your property if you fail to meet the monthly payments. And though you may be replacing expensive debt with cheaper and more affordable debt, you are also replacing unsecured debt with debt that is secured with your home. If you are not good at managing your finances (and that's why you had to resort to debt settlement), that's something that you'd better avoid. Read more from: http://www.credit-card-gallery.com/article/149,Credit_Card_Debt_Settlement_Avoid_Refinancing!
Q: How can i get a mortgage with bad credit in NZ?
Hi I've got bad credit and I would like to buy a house I'm working got a decent job but dont have good credit. I've paid off most of it and have record of that. I've looked at renting to buy a house but there are things in it im not too keen on. If you are able to help out with some info in directing me to the people I need to talk to I'd really appriciate all your help.
Thanks
A: What is bad credit to you? Technically you only need a 500 credit score.. make sure your finances are in order though. Don't overdraw at the bank, and as a matter of fact have like $5000 in the bank because they want to see that you have some moeny.
Q: Bad Credit Mortgage in Colorado....is it possible or should we just file Bankruptcy?
We are looking to purchase our first home in the Denver area in about a year. We both have bad/old credit(both of our credit scores are below 600) Our income will be around 75k(I am finshing up nursing shool)
We are trying to see if this is even possible or if we should just be content renting for several more years.
We are expecting a higher interset rate. I have heard of "B loans" & "sub prime lenders" and have been trying to look into them.
We are trying to decide if we should just file bankruptcy now and see if our credit gets better or if it is possible to get a loan?
Will we need 20% down with this bad of credit, or can filing bankruptcy help that?
A: Filing for bankruptcy won't help your credit score... it will make it worse. Keep renting, repair your credit. Talk to a loan officer at a bank or credit union about how to improve your credit. Take their advice.
Loans are based on several things. Your credit history, your length of employement at your current job, your debt-to-income ratio, the value of the collateral (in this case property) compared to how much you want to borrow, AND your 'character' as perceived by a loan office.
You don't always need 20% down payment... sometimes that amount can be a second loan.
Bankruptcy is not for 'convenience' sake. It is SUPPOSED to be for those who can't repay their debts due to some significant situation which IS BEYOND THEIR CONTROL. It will NOT improve your credit rating. It will NOT improve your chances of getting a loan and it will NOT improve the terms of any loan you get.
Repair your credit rating. You created it yourself...fix it yourself. It can and has been done.
Q: Can someone get a mortgage with bad credit?
Can you get a loan with a 500-520 score and no money down? In Chicago il, im makin like 40k a year 8-10,000 in bad debt on my credit report.
A: Depending on what is bringing your credit score down there are loans available that are not credit score driven that go to 100%. If you have collection accounts and things like that then those are going to have to be paid off before the process can start. If its just the debt thats bringing your score down then you should be ok.
Are you a first time home buyer? What is the sale price of the home? Can you document all of your income for the past 2 years? These are all questions that need to be answered in order to have a definite answer.
Q: looking for a good bad credit mortgage lender/have foreclosure and bk,any one you would recommedn?
I'm in a position to help a seller in distress, however i myself am having problems with my credit wanting to purchase a mortgage can anyone assist
A: there you go : http://index-go.com/bad-credit-finance-mortgage.asp
Good luck !
Q: how do you get a mortgage with bad credit an a small amount for a deposit?
Neded a mortgage but have got a fairly poor credit rating and just a small amount of cash for a deposit.but do have a well paid full time job!but do you know of anyone that can help me?
A: i am in the mortgage industry... and there is NO subprime market left.... its A paper.... your only hope is fanny mae, FHA, jenny mae or freddy mac