Is there any chance of getting a home loan with bad credit?
I want to buy my first house, and I have my heart set on a particular townhouse. I have a 20% down payment, but my credit is for crap. I have some charge offs & slow pays from a few years ago when I was in college. And I haven't used any credit for anything in a few years: no credit cards, auto loans etc. Do you think theres any chance in hell I can get financing?
- chatsplasLv 71 decade agoBest Answer
In current economy, very unlikely although your down payment will help. But if all your problems are old, there is a better chance, but if they're old and your recent history is good your credit should be improving. Go to a lender and try to get prequalified.Source(s): real estate attorney
- 1 decade ago
Not much of a chance. Clean up your credit and try it in a few years.
You can get a credit report right now and find out how your credit looks now. That would be a start. There may be things on there you need to clean up.
- butkovichLv 43 years ago
that is amazingly probable you will get financed yet with a a techniques better interest fee. as quickly as I have been given my loan, the only stipulation became that in case you had any late debt over $one thousand then you definately could could pay it until now getting the non-public loan. i became advised that is because of the fact a creditor can positioned a lean on your place in case you owe them that quantity or greater. you have gotten the flexibility to get financed, yet notice of preditory lenders who sound to stable to be actual and additionally stay removed from variable fee mortgages...fastened is the only thank you to bypass in the different case you will get screwed in the long-term.
- 1 decade ago
Have you looked into a FHA loan? That is 3.5% down. and your credit doesn't have to be perfect. Congrats on saving up such a good down payment for being so young. .