Has anyone gotten a mortgage with bad credit?
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.
1089932
Of course, this is exactly WHY you shouldn't allow yourself to GET bad credit.  It is extremely costly, because it forces you to lose out on good opportunities like this.  There's a very high likelihood that you WON'T be able to get credit anywhere.  \n\nHere's what I would consider.  Try some of the high risk credit card lenders.  See if you can get a home-equity line for your home.  You might also be able to depend on 'trade credit' for part of it (foods, etc.), but you'll still need enough to equip the place, and frankly, your choices are very limited due to your past record.  I hope you can find something.  Otherwise, you'll just have to wait 7 years until your credit clears up.\n\nBest of luck to you.
54604
Your credit score isn't all that bad considering the national averages.\n\nHowever, you have some other options besides outright purchasing a home for sale:\n\n1. Lease Option or Rent-to-Own: Look for these advertised in the classifieds, that allow you to rent a house for a certain term (like 1 to 3 years), where some or all of your rent goes toward the purchase price. Then, when you're ready (you should repair your credit during this time), you can purchase the house. Part of your down payment will already have been paid.\n\n2. Talk to the Fair Housing Administration (FHA - http://www.fha.gov) about HUD loans for low-income and not-so-good-credit individuals.\n\n3. Look into purchasing a foreclosed home at an auction.\n\n4. Ask a close friend or family member with good credit to co-sign your mortgage.\n\n5. See if anyone is advertising "seller financing" or "owner financing", in which the seller will allow you to make mortgage payments directly to them.\n\n-----------------\nUpdate: DO NOT apply for an interest-only loan. You will be severely hit with a balloon payment down the line, or higher payments, or at the very least you'll have to refinance and pay additional closing costs. Interest rates are rising, and you won't want to do that. Stay away from these!
649195
Yes.  If you have a poor credit score, you can approve a personal guarantee on the loan by placing an asset as collateral.  The banks may not do this, but private loan companies have it available.  The rate of interest will be higher due to the risk involved from the credit score and other assets in the evaluation.
572656
Here is another resource:\n\nwww.naca.com\n\nThey are a non-profit housing advocacy group. They do their own financing, will work with you to get your credit back on track and they also work with banks.  They do fixed rate loans.  Check them out.  If you have bad credit your terms with a lender aren't going to be that great.  NACA isn't about profit, they are about getting people into houses.  They got their money by taking on Fleet Bank for predatory lending and they won.  Now they use that money to help others get into homes.  Good luck!
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!!!
571979
There are plenty of lenders that do loans down to 500 fico score. You just need to not have any forclosures or repos. Find a great mortgage broker that specializes in shopping for lending for those with credit issues. Push comes to shove, you can seek a credit repair specialist that can get your score up to a 560 so that you can qualify for a 80/20=100% financing loan in your area. Credit repair is costly, usually $45/line item/credit agency to get rescored, but you must be willing to either pay the debt or have a lawyer "fix" your credit using their methods.
96532
This is a tricky question to answer because it depends on the problems you have on your credit, what your scores are (you might not need to do anything to get the intitial mortgage but your rate will be higher), how long ago the problems occured, what the ballances of your good revolving accounts are, how many open lines of credit you have, and how long you have had credit.\n\nThe first thing for you to do in my opinion if you are looking for a mortgage is to go into a a mortgage company and have them pull your credit. This will give them an idea of what they can, or can't do for you,a nd give you an idea of what your credit looks like. Alot of times the LO can run simulators that will show what to do to improve your score. Then you can do a rapid rescore if you want it done quick.\n\nSome words of caution about credit: \n1- paying off old bad debt is not in your best interest when you are getting ready to apply for a loan. Once you make contact with the creditopr again and try to resolve the problems you change the bad debt from being old to being current. The older the derog. credit, the less impact it has against your score.\n\n2- bringing your you used credit to available credit on your revolving accounts (charge cards) below 50% on each account will improve your score. The lower from there you take it the better.\n\n3- Once you have obtained a home loan, if you have a choice between paying your mortgage or paying on another loan, always choose the mortgage. Mortgagge lates count against you more, and are the main thing that lenders look at when determining if you qualify for future home loans.\n\nIf you have any questions feel free to contact me at the e-mail below and I will try to help you out.
511195
Most people think they can't get a home loan due to low credit scores. I specialize in home loans for people with bad or poor credit. The best way to look at things is to ask yourself how much you can afford monthly for your mortgage. IM me and I can get you started if you like.
535276
www.naca.com\n\nThey are a non-profit housing advocacy group. They do their own financing, will work with you to get your credit back on track and they also work with banks.  They do fixed rate loans.  Check them out.  If you have bad credit your terms with a lender aren't going to be that great.  NACA isn't about profit, they are about getting people into houses.  They got their money by taking on Fleet Bank for predatory lending and they won.  Now they use that money to help others get into homes.  Good luck!
851181
banks are not the place to go to if you have bad credit; you'll need to talk to a broker or retailer in the area of financing you desire.\n\nWhat do you want?  A house, a car, a loan, a student loan?  Etc....\n\nThere are varing degrees of bad credit.  The easiest to do is talk to a mortgage broker, as their credit terms will be most generous (to buy a house).  Do this even if you don't want a house, as you'll get an honest assesment of your credit this way.\n\nIf they can't help you, you need to talk to a credit counseler to rebuild.  You'll need to wait a couple years for results.
479143
Yes, it depends on how long ago, but if you have other good factors (good rental payment history never paid more than 30 days late) & good payment history on your credit you should be able to get a home loan. Depending on your job stability, income, etc. also will play a role.  Depending on how the whole credit history looks you may still be able to get a zero down mortgage, or worst case may need to put a down payment.  Also, if your credit is better try to do it in just your name, if you dont make enough income perhaps you can do a no-qualifing loan.
966780
Only through experience.  I am a mortgage professional too, with another company.  I'm still pretty new at it;  a lot of it is plain dumb luck.  The other half is getting the borrower to qualify under all the terms of the loan (income, credit, appraisal, w-2, DTI, etc).  It is extremely hard sometimes, and you get a lot of "fallout".   And, it depends on your compensation as well.  But as far as terminology and correspondent lenders, qualifying and amortization, those "complicated" things get easier over time.
765780
hey dont lose hope dearie I am sorry to hear that, Ive been through a lot of financial troubles too and I always got assistance from NHBS, Inc. they are a team that works with the best lending institutions...try contacting them and I do hope you'll get thru all these ,\n\nhttp://www.newhorizon.org\n\nIm sorry I can only give you their site, not contact info but I think it can be seen on their site too\nall the best\nhave a super day
908646
Some credit is available to people with bad credit experience.\n\ngood luck !
796407
We in the past have used what we call "loan Sharks" LOL. But really its called Hard Money, normally a 5 year balloon mortgage interest only and a much higher rate than the general public get.  You can look for Private Investors or some mortgage brokers may have a lead for you.  Have you tried just speaking with a regular mortgage broker?  They can do miracles, and try a few of them, but keep in mind, everyone that pulls your credit will pull your credit rating down.  So pick and choose carefully.  Take care and good luck KG
1004029
yes, you can get financing.  The costs involved, the interest rate, and the terms would need to be carefully investigated.  Be careful, there are lots of people out there who prey on the credit challenged.  You DO have choices.  Call me at 1-800 971-4638 extension 223, I'll try and steer you in the right direction.  I've been a mortgage lender for more than 20 years.  I just got a woman with a 577 credit score a FNMA loan.  So it is possible.