*Loan,banking and credit>>>bad credit loan

I Have Bad Credit, How do I get a Home Loan?

I need help with this problem. I have a pretty poor line of credit, but am looking to get a home loan...what can I do to improve my chances of actually getting a loan?
I am not sure what I need to do to qualify for a loan or what could help me become a better applicant!

Any help would be great! Thanks guys!

Hey Jim,

This is a good question, but one not easily answered. There are alot of things that are taken into consideration for a home loan.
The first thing I would do would be to get a free credit score report and make sure you understand what it is saying to you.

There is a blog I found with an article that is titled "Finding a Bad Credit Home Loan."

The link to this article is http://www.finance-your-life.com/?p=28...

It has some very useful information on the exact question your asking!

Happy Monday

Dave Source(s): http://www.finance-your-life.com...

First, in this tight credit situation, you will need to put down at least 20% of the house price to get a home loan, so make sure you have that much in savings before applying for the loan. Also make sure that all of your credit cards are paid off and that you don't have any late payments on your record.
You need to fix your credit before you try to buy a house. You might find someone to loan you the money, but it will not be in your best interest, given the interest rate you will get. Slow down, fix your credit, then buy.
in today market it will take you about as long to get situated to buy a house as it took you to get a poor line of credit.

these things you will need

a excellent credit score and that will take time -- because it means timely payments and a low ratio of amount owe to credit limit.

a strong work record

and at least 20% down

i would say stay on the sidelines and work on those three because with the market the way it is there will be ample bargains coming up over the next 6 = 12 months.!!!
Not sure where you are from,but in Australia,once you get a bad credit rating it sticks and it is very difficult to get any sort of a loan.
You may be considered if you have had the one job for a long period of time,good income and a huge deposit.
Lenders want to be sure they will get their money back if you default,so the bigger the deposit you can come up with the more likely you are at having a chance,of course it will not guarentee a loan.
Try building your credit rating up by good banking habits,bank regular and keep in the bank,get smaller loans and pay them off as quick as possible.
But from what i have learnt,it is very difficult to regain a good credit rating once you lose it.
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.