Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

Where is the best place to get a home loan...with bad credit??

my husband and i have poor credit...he's low 500's, i'm mid 500's. when we sell one of our fairly new vehicles and drop that payment, that will help our score. also, his bankruptsy falls off in 2009.

I don't think it's possible with our credit, but he wants to try. Right now our yearly income is about $80,000-90,000. Right now we have two new vehicle payments and we're planning on selling one of them in the next month.

Is there any hope? Is there any where you can suggest to have a better chance of getting a home loan?

12 Answers

  • 1 decade ago
    Best Answer

    It depends on your late payments AFTER the BK. that BK will be on your credit report for at least TEN years from the discharge date. it also depends on your mortgage lates in the last 12 months -clean? then you can easily get financed up to 95% the value of the home, with a debt-to-income ratio of up to 55%. call me at work if you want me to take a look at your credit and tell you for sure: 651-501-6414 .

    Source(s): loan officer at major US lender.
  • 1 decade ago

    I do not know the situation in your country at all, so my apologies if I'm wrong or if this is not the reply you wanted.

    I think, buying a home is a very big commitment. When we do not want a car it is easy to sell it, but it is not so with the house.

    It is good if we are financially doing better and can afford the repayments and still have cash to save every month. It is better to own than rent but then if our repayment is going to be in the same range as the rental, if our financial status is not so good. So I sincerely think if you can find a home that can be in your affordability along with the savings then only go ahead to buy a property even if the banks can give loan despite of bad credit.

  • 1 decade ago

    Don't obtain your loan on-line. They do not know your local market. Many lenders try to obtain business by offering a ridiculously low interest rate. Fact is that most lenders can offer any rate, but you'll pay for it. Make sure that you obtain a Truth/Lending statement and a Good Faith Estimate. Look carefully at the closing costs, terms and read the fine print!

    Talk to a reputable mortgage company in your area. A good loan officer will advise you.

    Are you able to wait? Repair your credit and then seek a home loan.

    Good luck, wish you well!

  • 1 decade ago

    Why would you talk to a realtor about a mortgage? That's not what they do, and really, I haven't met one in my years as a mortgage broker that knows the first thing about mortgages, and the ones that think they know something are usually wrong. As a mortgage broker, I don't claim to speak with any expertise on real estate transactions, because that's not my area. I would expect realtors to do the same, but they don't. Your best bet is to talk to a mortgage broker about the possibility of getting a mortgage with your credit profile. And don't go with anyone on here that just throws their email or web address out. It's a sign of desperation, and it usually comes from inexperienced loan officers.

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  • 1 decade ago

    My credit was shot beyond belief for different reasons. I was able to get a loan from Chase financial,...but I was told you need to be at least 600. My score was like 550, but my mans was 609. That saved us...there may be hope for you a matter of fact, i am sure of it, you just need to look further. Good luck!

  • 1 decade ago

    Yes, you are on the good path to success.

    Lower monthly payments and a good income are 2 steps you already made.

    Next thing is to save enough money to get a good downpayment on a home loan.

    Good luck !

  • 1 decade ago

    I suggest you ask a real estate agent for assistance. These people really know their stuff. I was approved for a home loan last year w/no money down. And, there has not been a better time than now to buy a home!

  • Anonymous
    1 decade ago

    like some others have mentioned talk to a good real estate agent, they usually have the contacts and the know how to get you the best financing possible and it's in their best interest to help you make a sale ( when i bought my $360,00 home6 monthsago i didn't have bad credit but it wasn't exactly good enough, my remax agent had contacts at several banks and he made it happen).so ask for a realtor's assistance before you go to the bank .good luck !

  • 1 decade ago

    look in the paper for a real estate advertising that states they are willing to finance the sale with a lease option. you do not need credit all you need is cash for the down payment.

  • Anonymous
    5 years ago

    I would recommend this site and have heard good things about it. This may help you to get answer of your question. They offer home loans for people with bad credit with no-hassle applications and easy requirements.

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