I got bad credit, whats the chances of getting a home loan?

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  • 1 decade ago
    Best Answer

    anyone can get a home loan. the question is do you have enough down payment to qualify and can you afford the payment with a higher interest rate?

  • 1 decade ago

    There are programs out there to assist people that have bad credit to purchase a home. There are also programs out there for "first time home buyers". My best friend doesn't have the best credit and she was approved for a $120,000 loan for a home and her monthly payment would have been around $800.00 but she decided not to. also you can always purchase a home and then refinance in 2-5 years when your credit could be better, and get a lower interest rate.

  • 1 decade ago

    I was told you have to have at least 3 lines of credit, i.e., credit cards, other loans, etc. and have a score of at least 550. And if you have a bunch of collections, they really don't look at medical bills, but other stuff they do. Just take your chances and apply and see what they say. Your interest rate will be higher though.

  • 1 decade ago

    If you have over a 500 credit score you can get a mortgage. If you have a 580 you can even get 100% the rate will be higher but it will get you in the home. You can repair your credit and refi to get a lower rate after 1 year.

    Source(s): I have been a Mortgage Loan Consultant for over 5 years. karrie_ramel@countrywide.com
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  • You'll be able to get one, but the rate will be bad. Why not wait a year (now is not a great time to buy anyway) and work on cleaning up your credit before you buy? www.creditboards.com has a great forum where you can learn how to clean up your report. I've seen some amazing improvements through that site.

    Good luck!

  • 1 decade ago

    You might still qualify, try a mortgage broker. But you interest will be high if you qualify (maybe around 10%, depending on credit). If you qualify though, take it and then refinance in a couple of years, by then your credit will be stronger, assuming you make all your payments on time. Good luck.

  • 1 decade ago

    Doesn't sound too good. If you do get a home loan you'll probably have a high interest rate.

  • 1 decade ago

    my sister-in-law has bad credit and she recently purchased a home but it was a very inexpensive one - something like $30,000 but she has a very high interest rate. i think she pays almost $400 a month for 30 years. so you might get one but the interest will kick your butt

  • 1 decade ago

    Are you a first time home buyer? If so you can get grants from the government to help you out.

  • 1 decade ago

    you should be able to still get a loan. your rate will definitely be high though.

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