Question: Is home ownership possible for people with poor credit?
I have poor credit, but I have a steady job and planning to enroll in a debt consolidation program. I have never owned a home before. Are there any programs for first-time home buyers with poor credit? Does anyone have any recommendations?
Answer: If your credit score is poor and you are looking to buy your home, you can go for a bad credit home mortgage loan. Poor credit history includes series of late payments, bankruptcy or failure to pay bills. No matter how bad your credit history, with a bad credit home mortgage loan, you can easily borrow money to finance your house. This helps you to buy a home, redecorate your home or consolidate your loans. This type of loan reduces your total monthly payment because of lower interest charges and liabilities. As this loan gets tax relief, your tax liability reduces.
Question: Our credit is too poor to buy a house traditionally - what are some other options?
I have bad credit and my husband has twelve negitive items on his credit report - mostly steming from credit bills his ex wife flaked out on that we are paying back slowly. However our family is growing and out growing the apartments we've been living in. I desperately want a better quality of living for my family, a yard for my children instead of a parking lot to play in. A neiborhood with families that care about their kids and raise them with some ethics, instead of the kids around here who might walk right in if the door wasn't locked and take off with our things. I will have my Nursing degree in less than two years and my husband is computer tech. As I said we have poor credit so this doesn't seem to matter. We don't have thousands just laying around for a down payment and don't want to as for a co-signer. I have looked into bad credit loans, rent to buy, there doesn't seem to be any way that we will ever get out of these apartments we are living in. Is there hope?
Answer: Yes. Fix your credit.
I am pointing out the obvious, but it is accurate. You need to take a serious look at your budget, cut out frivolous spending that could be working to help you get a home. No more dining out, clothes you don't need, expenditures that are not essential. Put a note on your fridge that you are saving for a house so you have hamburgers on the grill rather than steaks.
Having poor credit DOES matter, your income doesn't mean squat if your credit score is low. You need to focus on where the money is going and stop any seepage that you possibly can. This isn't easy. When you are tired, don't order pizza, open a couple boxes of mac and cheese. Every dollar counts and please do not lose sight of that.
Question: How can I get an apartment with Poor credit?
I want to get my own place. Only problem is I have terrible credit. My score is like 474. Can I rent an apartment with poor credit or should I wait and fix my credit a little? By the way I need to move out by at least christmas because right now Im living with my father who has decided to stop paying the mortgage on his house due to depression and alcoholism. I have no problem paying rent especially on time. I live in chicago if anyone knows of any places or listings please let me know.
Answer: You can still get a place if you can prove that you make about three times the rent. Otherwise, I suggest looking for independent land lords or just regular people renting out their houses or apartments. Those kind of places usually aren't going to check your credit.
Question: How to I get a mortgage with poor credit in New York?
I have been paying the same amount in rent as I would pay for a mortgage and I would really like to own a home. I know there are loans for poor credit but I am afraid that I will pick the wrong one. I realize with poor credit I shouldnt be looking into this but I am now better capable of handling my finances and have a steady income. I know which home I would purchase, just need to find a good mortgage. I dont want to jeopardize my family and end up with the wrong loan.
I have about 25,000 in savings for a downpayment which I realize I still need more......to avoid pmi . I plan to stay in the house for a long time.
Answer: If your credit is bad you will need a down payment. No 100% financing available if your credit it lower than 590. The down payment will be from 5% to 20% depending on your credit.
So if you haven't started saving already, start now and get a copy of your credit report so you know what to expect.
Question: What are the best ways to repair a poor credit rating?
I'm looking to repair my poor credit rating. I owe 10k+ to various creditors. I'm married, we both have a decent paying jobs. My spouse has credit problems as well. Here are my concerns:
1. Are there any immediate steps that I should take to get started?
2. What is considered a "good" score to have when buying a house?
3. What short term steps (6 months to 1 year period) can I take to bring my rating up to a "moderate" level?
4. What long-term steps can I take to make for the future so that I do not fall back to where I am now?
5. I know that some credit counselling services are predatory in nature, and actually put people into more trouble than they had to begin with. Are there any reputable credit counselling services out there (preferably non-profit)?
Answer: You can make a settlement with all of your creditors and pay 50% of what you owe. Creditors wont tell you but they will make a settlement and except half of what you owe and then close that account and u cant use that company for 7 years. If you need another credit card there r many other companies to use. When u ask for a settlement they WILL try and get more than 50% but be firm and let them know that 50% ia all that you have. You will have to pay the settlement in full no payment plans. they will then report it to the buearu and your credit will be updated with in 60 -90 days. So if u have 10k+ u can pay 5k+ and be done with them. As for a house u should have at least 650 or better to get a decent mortgage rate. the higher the better and u can get comfortable lower payments. So start by calling creditors asking for a settlement for 50% and ask them to send u a comfirmation of payment so that you can make copiers yourself and send to the 3 buearu the company is suppose to send it for you but sometimes they drag their feet and this way you will make sure that your credit is on its way to repair. good luck
Question: How can you get a home loan with really poor credit?
My husband, myself and our kids, are living with his parents, for the past six months. We both have very poor credit and are in desparate need of our own place. We now can afford our own place but cannot get a loan to purchase one. We have down payment in hand, and the monthly income to afford everything, but we are still without a home! Can someone please help with an idea of how to get a $6500.00 loan?
There is no other proerty or anything to be used for a mortgage! We are trying to purchase a very nice 3BR,2BA, mobile home. We have nothing other than the down payment to put on it, and can afford the monthly payments, and the insurance, along with everything else.
Answer: Prima facie I do not think there should be any difficulty in getting the loan . Probably your bad credit is haunting you . Assuming you have bad credit ---due to any reason whatsoever --- it should be possible to explain to the potential lender the reasons which led to the problems . You may further convince the potential lender that the causes --which led to bad credit---no longer exist . It is a question of putting up your story in a proper way . Of course the problem can be solved quickly if the lender listens to your story with empathy . If this does not work , --as a stratey ---you may try high cost loan where the credit rating may not be an issue . After repaying some part , you can approach a new lender who offers you " take over loan facility " at a soft rate. He will be guided by the latest record of repayment . All in all , it should not be difficult matter.
Question: How do you get a GOOD job if you have a poor credit history? Which companies should I apply to?
I got married a 4 years ago to a man who makes extremely poor financial decisions, and since then my credit score has plummeted. I was unable to work 3 of those years due to extenuating circumstances. My situation has recently changed, and I need to seek full time employment immediately. I'm terrified of having my credit checked by an employer. I'm highly educated, and have a great work ethic, but I'm concerned that my time off from work combined with a poor credit score will negate my skills and ability in the eyes of an employer. Are there any companies out there that I should apply to that don't do a credit check? I can't afford to work for less than $60K a year because I have 2 young children.
Answer: 3 years off with a good excuse is no big deal unless you were in finance -- those people are pscyho crazy. come up with good and creative excuses for why you haven't worked for 3 years. honesty is good too. they would care more if you were incarcerated or went to rehab or something like that. they also don't want to hear you had to mourn the death of your hamster.
the credit thing can be a pain. all i can tell you is there is usually something on the application requesting permission to run a credit check so you know its a good time to not bother returning the application. usually places that are top heavy in human resources are the ones checking credit -- really small companies and companies that have small inhouse hr (like 1 or 2 people) aren't going to bother as much as people with too much hr that have to prove they are doing something by checking your credit. most jobs they check your credit on are crap jobs -- like cashier at best buy or home depot (there are two corporations you can avoid).
above all be open and approachable and first impressions are everything -- if you seem like a good employee interviewers will put a lot of negatives over to the side. the quicker you can win them over the better. always talk in positives -- remove "nos" and "nots" and other negatives from your vocabulary. let them know what you can do and what you have done -- not what you havent done.
Question: How can i improve my poor credit?
How can I improve my credit and credit score? I have poor credit and am trying to make it good again.
Answer: There are several things that you can do. If you have credit cards already, pay them on time and make sure that they are not maxed out. Ideally, you want the balance to be no more than half of your limit (that is as important as paying on time!) Try not to open or close any accounts while you are working on restoring your credit score. Don't apply for any new credit. Get a copy of your credit report and dispute anything bad that you believe is wrong. Obviously, if you have any collection accounts, etc pay them off if you can, but even if you can't you can still have better credit. the older a collection account or any other negative thing is, the less weight it has on your score, so the BIG picture is: from now on maintain perfect payments and try to keep credit balances under 50% of the limit.
If you have no credit, get two secured credit card (see Orchard Bank or Household bank) and then run small balances on them and make on time payments every month.
Either way, you should see an improvement in 6 months.
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