Is it possible to get a mortgage at a reasonable rate if you have bad credit?
363340
yes it is.  you just have to find yourself the best loan agent.  i have been known to get the best rates for my clients whether they have good credit or not
396894
Unfortunately (certainly in the UK) there's no way to get a loan that fast...as you will have to supply details...get checked and so on - so a week is usual.\n\nAn overdraught facility with your bank can be arranged faster...but whether they will depends...\n\nIf you have bad credit then you are counted by the industry as higher risk and so will be charged greater rates of interest.  So you should think carefully before entering any agreement - as you will pay back much more than you borrow - which will obviously create more problems in the long term.\n\nThe best place I found to investigate loans (in the UK) was moneyfacts.co.uk - they compare the lot - but of course it might not apply to your circumstances.\n\nBut to be honest a loan isn't going to fix your troubles (sorry!) - and if you're finding yourself getting in trouble financially there are loads of great charities that aim to help people struggling.  Here are two:\n\nhttp://www.cccs.co.uk/\n\nhttp://www.consumercredit.com/\n\nAll the best
541848
There are indeed ways to by a house even with poor credit.  The powers that be do understand that people have to live somewhere and pay, so they do loan people money.  Nowadays, one can even find homes to buy with very little or nothing down.  Usually the penalty for bad credit is higher interest rates though.
222834
With a FICO credit score less than 500 the mortgage you will get will be from a Sub Prime lender(as someone else mentioned) and will have a VERY High rate (possibly close to 10%+) and will probably have a 2-3 year prepayment penalty. \n\nFind a nice apt/house to rent that meets your minimum needs and begin working on your credit. You can radically increase your score within 12 months, and you will get a lot better interest rate. In your case even if fixed mortgage rates rise 1% over the next 12 months(probably not likely)you will still be in a better shape than paying on a high rate mortgage for the next 2-3 years.\n\nGood Luck
575082
I would say you are at a right place, because i just read your question. I am loan officer and specialized in helping people with the worst credit they can have. So feel free to write me at refinance@inbox.com\nI am sure, i will try to get you the best possible rate which you qualify for.
299517
Go to a Mortgage Lender...they service loans to poor credit, although if it is too bad, they may want you to clean it up a bit before loaning to you anyway.  A loan that takes into account poor credit is going to at least double if not more the percentage rate of your mortgage.  When you go to look for your loan, be sure to watch for all of the hidden costs (that goes for ANY mortgage)...never sign anything until you have seen a Good Faith Estimate which will disclose any and all fees that are associated with your mortgage!  If you don't understand it, find someone who will help explain it to you....don't let the lender that is "offering" you the loan do the explaining...they can try to make everything sound "okay" and you can get yourself into a mortgage that you can't get out of.  Be Careful!!!   and Good Luck!!!
503885
try Prosper.com.  If you meet a minimum credit score criteria you should be able to get a small loan with a decent interest rate and low payments
1134834
Yes, it will be very hard for you to be taken seriously if you have bad credit...don't let your student loan payments slip...your tax returns will be taken every year until they are repaid...it is nasty business...do some research...it'll scare ya....have you tried Consumer Credit Counseling Services? AKA (CCCS). They will negotiate with your creditors to keep you out of trouble and you will make a single payment that should be more than affordable. Good Luck...and if you are already suffering bad credit get with CCCS as soon as possible...it'll help and as long as you make payments and avoid further debt, you should see your credit improving slowly but surly...not right away...time is your friend credit wise.
464183
I do loans for people with bad credit all the time- and some are really bad.  Your best bet is to have a mortgage professional review your credit, income, and savings and they will be able to tell you what you qualify/ or not qualify for.
1094018
STACY R  is wrong.very wrong. There are lots of bank out there that do mortgage for people with bad credit. First thing to do is run your credit find out all three scores. get rid of the high and low and use the middle score. You need to use W2s to show income. are you buying by yourself or is someone else coming on the mortgage with you?Down you have any money to put down? If you have any other questions please email and I will answer for you. Johng@oldmerchants.com
123039
No, that's not possible.  Even if you paid 0% interest, that would take 87 years, 6 months to pay back.\n\nA $420,000, 30-year fixed rate mortgage should be just a little over $2500/month today.\n\nFor comparison, my $90,000 mortgage is over $600/month.
1178730
My problem was different, I have excellent credit, but no income, but I still was able to buy a house.  \nSince you have credit issues, the better thing to do would be to shop around.  There are Mortgage Brokers who can help you.  There are literally hundreds of different mortgages.  The thing is that, you may pay a higher rate, since some rates are tied into your credit ratings. \nThe lesson here is to protect your credit.  I learned hard lessons in the past, but I am being rewarded now because I re-built & maintained my credit.   Good luck
1063403
You can have a pretty low credit score and still get a loan. The only thing is, it may be a really bad loan. It might have lots of fees and a much higher interest rate.\n\n**Edit:\n\nI have read that some people got loans with scores as low as 530, but they admit that the terms of the loan weren't the best.
263999
I also had poor credit, but bought my first home last year.  I went through a broker, instead of just getting a real estate agent.  He was able to find a bank that would give me a "statement loan".  That is where I had the money, just not the credit.  They used my bank statements from the past year and seen that I had enough money to make house payments, and I was even able to get first time home buyer program, 0 money down, and the sellers paid the closing costs.  There are ways, but my best way was to go through a Broker, who was able to help me tremendously!
172551
my credit score is 650 and i've been told thats in the fair to good category. \nit pretty much depends on how much income you have compared to how much debt you have.\nalso if this is your first home, you should be able to get special financing and a low interest rate( usually from a bank)\noverall, i would say you have a great chance of getting your loan, as long as you can afford $700-$1000 a month for mortgage.
969403
There are many options available. The credi scores will diictate what rate you get...and these scores can be improved in less thn a week if they need to be.\n\nI write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
938530
If you have credit without bad mark on it I am sure you can get a loan from a private source(bank or person).  Also depending on how much you need you maybe able to use other options like credit cards.