Question: Anyone know a place that handles bad credit mortgages?
Answer: there's many places that refinance or purchase bad credit mortgages.
FHA might be a good place for you to start...they deal with low credit scores but you cant have any credit lates in the last 12months
Question: Mortgages & Bad Credit?
My fiance and I are not married yet, but are thinking of buying a house. We both have pretty bad credit. When I google "bad credit mortgages in Pittsburgh PA" a hundred links come up and I don't know where to start.
1. Who do i trust?
2. Do all mortgage companys have bad credit customers?
3. What advice can you give me?
Answer: it's not just who you trust....MORE IMPORTANTLY...FHA mortgages are for folks with low credit scores.
They have their rates capped...so they cant go over 7.375...even if you had a 400 credit score.
Most lenders deal with low credit scores....but that has been stopping nowadays.
Question: To all ppl with mortgages and bad credit?
Pay you're damn mortgage on time. Because of ppl like you, the US dollar is crashing and the US dollar will lost 50% of its value in a couple of years. And if you can't afford a mortgage, then dont get one!!!!!!!. Isn't there anything that can be done about this?
Answer: Back in the olden days when I bought my first house, the rule of thumb was 25% of your gross monthly income to cover mortgage and utilities. Now the rule of thumb seems to be 30% to 40% of gross monthly income for the mortgage alone.
Throw in all that "creative financing" and a few preditory lenders, and voila!
Question: Bad credit mortgages in Louisiana? Where, who? Any info is appreciated?
First time home buyer. Several chargeoffs.
Answer: Look into FHA loans. They have more flexible guidelines with regards to credit and income. Find a direct lender who offers FHA and they will help you get qualified. If the credit is bruised, a larger down payment is a good compensating factor for qualifying. Even if you can't qualify right now, a good lender will help you get back on track with your credit so you can qualify in the near future.
In the meantime, work on improving your credit. Get a hold of your full 3 bureau report and pay off all judgments and collections. Credit scores can start to improve in a matter of 60-90 days!
Included a link about credit and one about FHA loans. Best of luck!
Question: I am looking to buy a house in the next couple of months, but do not have the time to repair my credit. Does anyone know of a mortgage company willing to help out people with poor credit? I am sick of throwing money away renting.
For anyone interested in helping me, I live in Scaumburg, IL (suburb of Chicago). I also just moved up here from out of state last year (April), so my job history is not that long, and also I'm a sub-contractor, so paystubs and w2 forms are a problem. Now with all these details, anyone still think they can help me?
Answer: Your interest rate is based on your credit score and how well you have paid your consumer debt over time. There are many lenders that will give a loan to a person with impaired credit. I agree renting it throwing money away.
With bad credit your interest rate will be higher, but well worth owing your own property. Interest rates no matter how high or low are ax deductable (Please see your tax adviser for tax advise)
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application,preferrably with a mortgage broker, which you can find one in your local telephone book.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will then run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.
In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
I this has been of some use to you, good luck
Question: Is it wrong to serve as the guarantor on mortgages because these people have bad credit?
I just ran my husband's credit and he is listed under three properties, which I know are not ours. I know his brother is a scam artist and is in the mortagage broker business. My husband also listed himself as single. Can he get in trouble for this?
Answer: Sounds like your husband's identity is being stolen by his brother. Since this could potentially effect you financially... I would alert the authorities.
Question: 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.
Answer: 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 .
Question: 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?
Answer: 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.
Question: 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?
Answer: 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!
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