What is the best way to go about getting a home loan when my credit is terrible?
599944
Talk to a local mortgage broker.  Sit down and go over your credit report.  They will be able to tell you what you can do to get your score up.  Sometimes its better to spend money on your credit instead of the down payment.  Sometimes its the other way around.  Sometimes there's another solution like putting someone else on the application with you.  \n\nIn general you should keep your open credit cards on-time and pay them down to half of their credit limit.  If you have extra cash payoff any collections you have from the last year or two.  \n\nOpen up your yellowpages and look under "mortgages".  Find a local phone number or an adress you're familiar with and go to town.
160631
CONTACT YOUR MORTGAGE COMPANY...THEY OFFER HARDSHIP ASSISTANCE TO PEOPLE THAT QUALIFY. USUALLY THEY PREFER TO WORK WITH PEOPLE THEN TO GO INTO FORECLOSURE IT'S CHEAPER FOR THEM. YOU COULD ALSO CONTACT THE EQUAL HOUSING THEY MAY BE ABLE TO ASSIST YOU.
472934
You can get a loan from your credit card. Ask for a cash advance. However, use it only for an emergency because it charges very high rates.
282483
Try getting a small signature loan through a credit union.  An unsecured loan has less stringent requirements for qualification.
1175781
The only way I know of is to get a co-signor on a loan, and re-establish your credit from there. See if your bank will work with you on a small credit-reestablishing loan as well. Most banks will, especially if you tell them your circumstances.
61930
My husband and I had the same problem two years back for the same reasons. We tried everything, even those ads that say they will loan you money with bad credit. It was a scam and we were out a few thousand dollars so be careful of those. We eventually found a person who was willing to do a land contract or lease to own. We leased the house we are in for two years and then when we bought it the money we paid in rent those two years was the down payment on the house. We went through his Credit Union and it was a fairly easy process. He was a HUGE help to us. So I would suggest that route if you can!\n Good luck and I hope all works out for you!
1144600
FHA guarantees loans for first time home buyers and can often offer solutions even to people with bad credit.  Shopping around for a good realtor and lender if very important.\n\nAsk friends and family who they have used.  In the market as it currently sits, almost anyone can get a mortgage, everything depends on how much you want to pay and what property you want.\n\nWhen looking for homes, make sure your realtor knows that you are a first time home buyer and interested in FHA loans since only certain houses qualify for them and some will be automatically ruled out.\n\nWhen shopping for a lender (don't JUST go with the one the realtor recommends but DO at least check them out), inquire about FHA loans and what type of points and interest would be available for someone with a credit rating of X.  find out what your credit rating is from the 3 major credit bureaus BEFORE you shop for a lender.  You want to know what they are going to be seeing before they do.\n\nThe more information you have the better.  Don't be afraid to ask questions or to walk away if it isn't what you want.\n\nStandard disclaimer: This is not legal advice nor financial advice.  If you wish to have legal or financial advice, you shoudl contact a licensed professional in your area.
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!
623420
Your best bet is to visit a local mortgage broker.  If your credit is shaky they have more options.  If your credit is great, they will compete as much as they can with your local bank on rate and fees.  \n\nCheck out my new blog on mortgage brokers:  http://explaintome.blogspot.com
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
339137
Yes - look into FHA loans. For most loans you need a valid credit score which means at least 3 open credit accounts. If you can't get a credit card it is unlikely you have 3 credit accounts.\n\nFHA let's demonstrate credit by using utility bills, car insurance, rent, a monthly deposit to a savings account, etc. \n\nIf you use these forms of "alternative credit" you need to make sure you have a minimum of 12 months of paying on time.\n\nYour score could go as low as 550 for FHA
330272
Its not easy buying a home with bad credit. Its not easy buying a home with good credit now adays. I say, go through a credit builder and discuss your debt with them. It might take some months or even some years until you get your credit straight before you buy a home.  If you have bad credit now, the house is just gonna make it worse if you don't pay your notes and bills.
20658
If you can't get funds from a bank, you might consider going into a partnership with a real estate investor. Have the redeem the loan for a certain percentage of the equity in the house. Agree to either sell or refinance the house within a specified number of years. \n\nYou will be giving up a chunck . . . however, you will not lose your home, you will NOT have a foreclosure on your credit report which will cost you in high or denied interest rates for many years, and within a couple years, if you keep your credit in spotless shape, you should be able to refinance and get back on track.
1137677
Get a co-signer with a good credit score. If that isn't possible use a company like American Finance or something equal to that, they are usually loan only businesses and not banks. Most of them make their money from 3rd party loans like when your local furniture stores says "No money down no payments until 2007" it is done through these little loan only businesses. Your interest rate may be close to 20% but you are more likely to get a loan if you can prove your income and their requirements on credit scores are much lower. Another long term alternative is to take out a small loan with a bank, not use the money and pay it back over 2 or 3 payments (months). Yet another option is to join a local credit union; credit unions give loans easier and if you have a co-signer who belongs to the same credit union there shouldn't be a problem. Remember most credit unions do not report anything to the Credit Companies unless you default or stop paying so being in good standing with your local credit union won't help your credit score. You can also offer to have the payments directly taken from your paycheck... this is sometimes very helpful if you have been at the same job over a long period.
988739
if you have a job with a steady income,  you can usually just go to your bank and ask for a loan.  You'll pay higher interest rates if you have no credit history, but as long as you have a job they should be able to help you out.
541487
Suggestion: Go to 'rent to own' places and ask them if they will report your timely payments to the credit bureaus for you. Most of them will be happy to say yes, if you buy something of course. Get something small and simple and make the payments on it. Try to get 90 days, same as cash and knock it out before the 90 days are up. They report your good work and you can start rebuilding your credit. The bad stuff will still stick around for 7 years, but your efforts will help you in getting loans if you need them. Good luck to you!
1060639
What do you consider really bad? I'm a loan officer and I see people with credit in the high 500s get approved on loans for homes. if it is below about 620 or so you will probably have to come up with a 20%+ down payment though. There are a lot of companys that can help you improve your credit scores DRASTICLY in about 6mo to a year. It costs a little though. Also be very careful of "consumer debt counseling" they help you pay off all your debt faster by getting the companies you owe money to to settle on a lower amount, or "charge off" the balance. a charge off is what happens when a collector just says screw it we're never getting paid. Consumer debt counseling gets rid of your bills, but damages your credit worse than a Bankruptcy because it takes longer to repair the damage. I would contact a local Mortgage broker and see if they can prequalify you for a home. If they can't, ask for a recomendation for a good credit repair agency in your area. good luck!