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

  • ?
    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.

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  • 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!

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  • Anonymous
    1 decade ago

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  • 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.


    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.

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  • 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 ~

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  • 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...
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  • 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.

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  • 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.
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  • Anonymous
    1 decade ago

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  • 1 decade ago


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