Bad credit mortgage loan?
My husband and I are trying to get a home loan (we only need 20,000) for a home we are looking to purchase in TX. This would be our primary home. My husband's score is 573 and we need to get this done as soon as possible. We have a small dp to put down (1,000 or so), any advice?
- Anonymous1 decade agoBest Answer
Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
- PengyLv 71 decade ago
With the subprime market crashing that will make it tougher for you, On a positive note you have 5% for a downpayment, do you also have the closing costs? If you do you might have a chance but the interest rate most likely adjustable will put you in worse shape in the next year or two. You are better off taking a year and increasing you credit score How?
1. Pay your bills on time
2. Reduce your credit card debt to less than 30% of your limits
3. DO not close any open accounts this will reduce your credit to debt ratio
4.DO not apply for any more credit every time you do your FICO score drops about 5 points.
5. Patience it takes time to build up your score
- henricksenLv 43 years ago
in case you have adequate to place down 10%, then (as of Oct 2010 exchange) your credit may be as low as 500. FHA does have subject with open collections, liens, judgments...(would desire to be paid off before they're going to approve), FHA calls on your previous 365 days's historic previous to be sparkling (no greater desirable than a million 30 day delinq on revolving debt, genuinely none on your contemporary loan or condominium in previous 365 days). Your greatest problem is that lenders are actually requiring bigger scores than FHA and an incredible sort of of the banks won't do an FHA in case you do not have a 640. you're greater valuable off because of the fact you should make a extensive down pmt to look on the /non-conforming marketplace.
- Anonymous1 decade ago
Start at your local bank, then call around your area first. Do not have everyone pull your credit score.
First find out if they can help you with the information you give them. Be honest.
If all that does not work, and it should, you can look online for bad credit loans.
Or you can take the time to increase your credit first. See below.Source(s): http://americancib.com/ Credit Repair
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- 1 decade ago
the advise is that Ur husband should put Ur name additional on his credit cart in build Ur credit up in after a f Mont's maybe ul have good cradit
- hollieLv 43 years ago
I wish to ask the same question as the previous person.