I have bad credit and need a 25,000 home loan. I have the down payment and I would be a first time home buyer.?

Please, any help would be appreciated. Thank you.

14 Answers

Relevance
  • ?
    Lv 7
    1 decade ago
    Favorite Answer

    $25K is not that much to borrow with a 20 % down payment of $5K. Approach your local bank.

    • Login to reply the answers
  • 4 years ago

    This is a tricky answer. Banks get really funny about no debt on credit cards at time of purchase of a home as they assume you will use all the available credit you have once the house is bought. You need to pay down to where your credit used ratio is about 25-35$ of total credit line. For example, if you have $10,000 in avail credit, keep a balance of $2500-3500. Put a down payment of 5% or $15k down, and after closing, pay off the balances then. Your mortgage broker can explain more in detail, but doing the smart thing financially can be dreadful for your FICO score. Good luck with your new home!

    • Login to reply the answers
  • Anonymous
    1 decade ago

    Hello everybody in need of a loan, having a true belief about something is what makes it real right?well i have a good reason to tell everyone in need of a loan and proud to say this that i have been granted an online loan by Mr Kelvin Gate, because this i never beleive would happen at all, but to my greatest surprise, i have been given a loan of $45,000 Dollars, it is really awesome and unbelievable, but it all ends here i was given this loan and i have right now, i can at least but anyone in need a bottle of drink, i am not trying to brag but this is the truth, i so excited that i can't even express it, thank you Mr Gate..

    You can contact him on email like i did via kelvingateloans@gmail.com

    Thank

    Cecilia

    • Login to reply the answers
  • 1 decade ago

    When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.

    http://www.quickloans.we.bs/

    With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.

    • Login to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    becareful of the ones that answered you already.. sometimes it's a trap.. when you have bad credit and taking out a loan, you will have high interest rate.. and you will have 2 get home owners insurance untill the loan is paid off, which will also have a higher interest rate.. there's closing cost and with bad credit you will find yourself paying so much more like on car ins.. then there's cable service and phone, electric you might not be able 2 get in your name.. bummer eh ~

    • Login to reply the answers
  • 1 decade ago

    You should definitely go with a credit union, not a bank. They always have the best rates! Here's an article that can probably help you figure things out...

    Source(s): Get the Cheapest Home Loan http://www.ehow.com/how_4888256_home-loans-bad-cre...
    • Login to reply the answers
  • Anonymous
    5 years ago

    I'm certain that you must find every financial answer at: loandirectory.info-

    RE I have bad credit and need a 25,000 home loan. I have the down payment and I would be a first time home buyer.?

    Please, any help would be appreciated. Thank you.

    • Login to reply the answers
  • CrG
    Lv 6
    1 decade ago

    Your usable income is determined by your monthly debt. In retiring your debt you are required to make monthly payments. Subtract monthly debt from monthly income. The result is your usable or actual income. Multiply this by 12 months to obtain income. Multiply this by 2.5 to determine the value of the home you can afford to buy.

    Source(s): I was a successful Realtor from 1957 to 1999 when my wife died and my hearing declined.
    • Login to reply the answers
  • Anonymous
    1 decade ago

    Attention : Dear Prospective Customer

    Mr.John derrick firm is offering out loans to all with a very low and affordable interest rate of 3%. Do you need adequate

    financing and have wondered where such help or financing will come from? Do you have any lucrative project in mind but

    cannot proceed due to poor finance? Are you about to be evicted because the required finance to take care of your bills is

    not available? Receive adequate financing today from us and get funding with a low interest rate and solve those problems

    and help make your financial dreams a reality. For more information on this offer or advert, feel free to contact us today

    via email as our contact information's are stated below for your perusal

    **********************************************

    Name: Mr John Derrick

    E-mail: layawayloansetup@gmail.com

    layaway loan Firm

    *********************************************

    We will love to transact business with you and please do not hesitate to email us if in need of a loan regardless of your bad

    credit as we will be glad to fund and transact business with you

    Yours Sincerely,

    John Derrick.

    • Login to reply the answers
  • 1 decade ago

    Hello,

    I am answering your dire need of a loan because we can help you secure the loan you need.This is a registered,certfied and government approved lending company.We offer loan at a very convinient interest rate 3%.and loan offer ranges from $2,000 to $650,000.Have you been scammed,worry no more as we are here to give you the right answer to your financial problems.Why suffer in silence when you can come out of it by getting that assistance from us.Apply today and receive your loan in three working days to boost your financial status.Interested persons should contact us for more informations via :roseberryloan@yahoo.com

    Full Name..........

    County...........

    State/Province...........

    Sex.............

    Age.....................

    Monthly Income................

    Amount Needed...............

    Duration..................

    Phone Number..........................

    Thanks,

    Rosie Henry.

    • Login to reply the answers
Still have questions? Get your answers by asking now.