how can someone with bad credit qualify for a home loan?
485520
If you have bad credit history, you have already proven to your creditors and to any potential creditors that you either can't or won't honour your legal financial obligations. Why in the world do so many people with poor credit think they can just keep on borrowing more money?
1075701
if you have a bad credit rating it's not easy to get a loan for anything
771238
YES :)  There are companies that lend to those with bad credit. Ditech.com is one.\n\nThe interest rate may be nasty but you can get a mortgage. There are also companies that own homes that sell them to less than perfect credit.\n\nBuild your credit back up. Get a credit card and put everything you usually buy on it BUT PAY IT off every month. If you have judgments, pay them. Charge offs, wait and dispute them with the credit agency..most can't prove them because they are junk debt.\n\nGood Luck
341399
Depending on how bad your credit is- there are many things you can do.  FHA loans are not credit score driven- but you have to clear all outstanding collections and judgements.  Otherwise you will need a downpayment.  Sometimes you can get seller concessions, there are many county programs out there to assist low income people...\nContact a mortgage broker and they can let you know what you may or may not qualify for after running your credit.
1140848
check the link on my profile it might suite your needs better\nquote from the site\nWe have over 80 Little-known Banks & Companies that offer Bad Credit Loans, Bad Credit Home Loans, Bad Credit Auto Loans, and Bad Credit Personal loans to people with Bad Credit or even a Bankruptcy. Many require absolutely NO COLLATERAL & NO CO-SIGNERS. Home ownership is not required.
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.
1165633
If your debt to income ratio (all of your monthly debt, credit cards, car payments, student loans etc PLUS the principal, interest, insurance, taxes and housing association dues if applicable DIVIDED by your monthly income) is under 50%, you should be able to qualify.   \n\nFor example - \n\nIf your total monthly expenses (including the new home) came to $3,000, you would need to show $6,000 a month in income to qualify.\n\nDebt To Income = Debt / Income\n\nDebt = 3000\n\nIncome = 6000\n\n3000/6000 = .5 or 50%\n\nYou will, however, need to put 15% down on the purchase plus have the cash to cover closing costs.
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!
655987
Yes it can. Lenders look at your credit report very carefully and a good one puts you on their good side. Having a decent income is another plus in combination with the credit report.\n\nYou will still need to shop around, find the best rate and programs, go to lendingtree.com for more information.\n\nFor information on buying a home and getting a mortgage, if this is new to you, I suggest you see Suze Orman's books, she discusses the process and gives good tips.
354171
Any one can apply for a FHA loan however the qualifications required is a long process to outline on this posting. If you would like, e-mail me and I will detail more for you.
1000902
A 'No Qualifying' loan is one that does not look at your income or employment for qualifications.  The lender simply looks at your credit and the amount of money you are putting down.\n\nIf your credit score is good, the rates are not actually that bad.  Yes, they are a little higher than a loan where you provide pay stubs, W-2's and all that stuff, but they are still in a good range.\n\nNow if your credit is WAY BAD and you use a private lender, you will need to put 30% + down and your rate will be over 12%.  These are the loans that get the bad name.\n\nA 'no qualifying' loan from a respectable mortgage company is not that bad if you fit the criteria.  There are still qualifying guidelines (credt- down payment), but you don't need a job or verifiable income.\n\nI have done plenty of these loans for past clients.\n\nTake care,\n\nGreg S.
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.
466897
Your can buy a house with poor credit owner finace and pay 54% interest and never pay it off its nothing more than a scam.*\n\nWhen you get behind they put you out than turn around and sell it again but they keep you large down payment. Its legal instead of being a sum-lord they or sum financers.\n\nI bought a home through Coldwell Reality last year and the bank they back track your rental and credit history 10 years a house is the hardest thing in this world to buy.
666560
The reasons to have good credit are simple. If can affect you in literally hundreds of ways.\n\nGood credit \n\n- Lower interest rates for loans.  Home, Car, etc.\n- Qualify to by a home (FICO score)\n- Employers check credit ratings\n- Housing (Apartments) managers check credit before renting\n- Setting up utility payments (no deposits)\n- School loan rates can depend on your credit\n- It can take YEARS to repair a bad credit history and in the meantime you can be denied credit or end up paying MUCH higher interest rates because of poor credit.\n\nHow do you build good credit?\n\n- In many ways it is advantageous to have no (negative or positive) credit, because you can more quickly obtain new credit.  For example, you can immediately enter most department stores and immediately open an account.\n\nDepartment store cards can then lead to major credit cards, such as MasterCard, Visa, Discover or American Express.  Do not go wild with these cards, however.  Do not keep a balance past the grace period, so remember to pay off your balance each month.  Remember that your goal is to establish a credit history and a strong credit grade.  Maintaining a balance is actually a negative, albeit a minor drag on your grade.\n\nYou should try to limit yourself by maintaining only two department store cards and perhaps another two credit cards.  Do not succumb to the credit card temptation. \n\nSecured credit cards are a great way to establish a credit line whether you have no credit or damaged credit.  Secured credit cards are regularly issued MasterCard or Visa credit cards, which are secured by a deposit.\n\nTo establish a secured credit account, for example, you would set up a deposit account with the issuing bank.  The minimum could be as low as $100, depending on the bank.\n\nYou will then be issued a credit card, with a credit line normally equal to your deposit.  In most cases, you will receive interest on the deposit account.  However, if you ever default on your credit card, the bank can use your deposit to cover their losses.\n\nIt is also a good incentive to control your credit usage and minimize your balance.\n\nBut above all, DO NOT OVEREXTEND YOURSELF, PAY YOUR BILLS ON TIME AND AS CLOSE TO IN-FULL AS POSSIBLE. Avoid splurging and using the card when you can't afford to.
26741
If you don't have much of a credit background (I mean no credit as opposed to "bad" credit), a lender will look mostly at your earning power.  That is to say your current income, how long you have had your current job (at least 1 year), and how much of your current income is disposable (how much extra you have after your current bills).  Whatever you have left over is what you can afford for a house.  \n\nI have to say though, that without any real credit history, your chances of getting a loan are low.  Also, be very careful of those who are willing to lend you money, because it will probably be at much higher interest rates, making it all the more likely you won't be able to afford the payments.\n\nFocus on building good credit.  Once that is done, then you can start thinking about buying a home.
85304
Well, more than 75% of the people throughout the country do carry bad credit and all of them get the loan from somewhere or the other so there is no reason why you can't. I'm a loan officer myself and has helped many.....give me a call if you like and i may be able to help you out.
901240
Just because a company is advertising that they offer a 5.5, chances are your not going to qualify for it. That is a just a marketing trick to get you interested. They best way to tell what kind of rate you will qualify for is based on three simple questions.\n\n1. On a scale of 1 to 10 what is your credit score like?\n\n2. Have you had any 30 day lates or more on your mortgage in the past two years.\n\n3. What is the loan to value on the home? Meaning how much do you owe against how much the home is valued at. \n\nOnly people with 700+ credit scores with low LTV will qualify for that rate in today's market.\n\nGood Luck!