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It really depends how much your credit rating has been damaged. Even with bad credit some lenders will approve you for a mortgage, you just might have to pay higher interest rates, or make a larger than normal downpayment. |
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Before you apply for a mortgage you should start working on improving your bad credit. Pay off outstanding bills and make timely credit card payments. This can really pay off when it comes to getting approved for a mortgage with reasonable rates. |
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As long as you haven't tried to run away from your credit card bills, your credit should be repairable. The first step is paying back any money you owe. Then you can work on improving your credit. |
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Don't accept a bad credit mortgage. Improve your credit then apply for a mortgage with a reasonable interest rate and term. |
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Are you sure you are ready for a mortgage if you have trouble paying back credit cards? Remember, you don't want to get yourself into a bankruptcy situation. |
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Youn will be able to get a mortgage how ever it all comes down to the person who is working on your mortgage since the must be creative when it comes to putting your mortgage together |
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I do loans for sub 500 score people with ease. I can get the best rates with all the major lenders and credit score is not a problem! Under 500, BK, NOD, foreclosure...NO PROBLEM! |
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To contact me about loans for FICOs of less than 500. Write me at [email protected] -or- call me at 925-726-2691 |
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"Bad Credit History" is a tricky phrase. The key to this phrase is the "History". If you have a job, can legitimately afford a mortgage and have been getting better on your credit..most likely you can get a mortgage. As mentioned in this posting, you will most likely pay a higher interest rate BUT that to really depends on the mortgage program. As far as waiting and trying to "repair" your credit, keep in mind that each time you try to repair your credit..another 45 days goes by. If you can afford it now, buy the home THEN repair your credit afterwards and when your credit is where you need it, refinance your home to the lower rate or a different loan program. If you can't afford a home, ligitimately, start repairing now. What you do not want to do under any circumstance is get into a mortgage, fall behind on your payments and be foreclosed on in 6-12 months. |
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Chances are good. But a good mortgage broker will help clean up your credit free of charge and give you a free evaluation of your situation. If a re-fi it could really help your situation.. if a purchase there is still hope. |
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Johnboy: |
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I want an equity loan we have tons of equity in our house but have low scores. My husband has one above 500 but the rest are under as well as mine. Is there anyone that can help? |
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the better question is how many good accounts do you have open and or active and have you been late on rent in the last 12 months if the answer is closer to 0 on the rent and you have at least 2 good accounts with a mid score of 580 or more you can be a homeowner and still get decent pricing in regards to the interest rates |
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