Anonymous asked in Business & FinanceCredit · 1 decade ago

Help! Getting home loan with poor credit?

I really need help getting a home loan with poor credit. I have a small down payment and a gift of equity of about 15,000 but i need to know how to get a home loan with poor credit. I don't know how to get a loan? Are there any programs that help people get credit and approved for a loan? I really need help. Are there any down payment programs avaliable to help me out

9 Answers

  • 1 decade ago
    Best Answer

    Depending on how "bad" bad is, it may be more difficult for you right now, b/c of the recent crackdown on subprime lending. You will probably have to have a score in the 600's. They've taken away alot of 100% and 95% financing option in the subprime market. But you have a DP.

    It also depends on what price home you are looking at right now you may be in pretty good shape for a $150k home, b/c you'd have 10%, but if you go up to a $300k home you're in trouble b/c you only have 5%.

    I would say 10% down and a CS in the 600's would be do-able.

    Source(s): just purchased myself
  • Anonymous
    1 decade ago

    Depends just how "poor" your credit is...

    If you can get 10% or more down you have a decent chance of someone approving you out there. However you will be paying high rates no matter what.

    You wont want to hear this because its the honest answer, but you should work on your credit or get 20% down then you will be alot better situtation..

  • snwbm
    Lv 4
    1 decade ago

    Increase your down payment and improve your credit and you will have an easier time getting a loan and at a lower rate

  • 1 decade ago

    Bad credit home improvement loans provide for only the necessary improvement to your home and you have to explain any extra improvements. If you are looking for cash for any non-essential items, try to get the period of your mortgage extended.

    If your poor credit record does not make you eligible for a home improvement loan, look around for a bad credit home improvement loan. Before applying for this loan, calculate the expenses that you are likely to incur.

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  • 4 years ago

    If you have "very poor credit" then you will not be able to get a morgage loan. You'll have to work on reestablishing good credit first.

  • 1 decade ago

    Check the link below, ask for Charles. It doesn't matter where you live he's a broker and works with several lenders. You may have to go sub-prime if your credits really bad but he will lead you in the right directions and help you if it's at all possible.

  • 1 decade ago

    You can try Evolve Mortgage in Memphis, TN. Jayme Boyle is the alternative credit manager. He is excellent!

  • Anonymous
    1 decade ago

    AAA Worldwide Finance.972-724-3222.

    they helped me. good luck!

  • Anonymous
    1 decade ago

    sounds easy enough

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