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| *Loan,banking and credit>>>bad credit mortgage |
How can you get a mortgage loan with bad credit? |
I have been trying for several month to get a loan for a new home, but I have had no success at all. Everybody that I contact or apply with give me the same answer all the time, which is " Sorry we can't help you at this time due to your poor credit rating. If no one will give you a chance then how can you fix your credit situation? I have been employed for the past five years with the same company. I don't make a whole lot a year. I make about $40,000 a year. I think I can afford a new mortgage. I would like for my children to grow up in a better situation than I did. I admit I have made some mistakes financially, but are those mistakes going to haunt me forever? I just want a chance to live the American dream of home ownership. Please don't mention credit repair, I have tried those companies and my credit sitiuation is was worse after I finished the repair program. If you do not have positive input please don't respond to this question. Rip-off artist need not respond. I can tell you this, it is still really easy to get a mortgage, even with bad credit. If you can't find someone to give you a loan, that means you are way too risky for a lender. That should tell you that it is not the time to be thinking about buying a home. You should continue renting, saving a down payment, and improving your credit score by paying off debt and paying bills on time. Your past mistakes will hurt you for up to 7 years. My husband and I had the same problem only we had little credit. We did a land contract for our first home. The owner held the title and we paid them for the place monthly as well as all the taxes. Make sure to get rcipts for everything you pay for though and have a good contract made up. 1st lets check a couple of things...are you aware what your debt to income ratio, if you are under the DTI you should be approved for some type of loan...if you are over you will not be approved even if you have excelent credit. 2nd you should not have any collections (even medical) on your report...this should also help bump your score a bit. Any revolving lines of credit you have should be below 50% of available credit (this again should help your score some). Once you have accomidated for all of these things you should qualify for a loan. One thing I want you to consider is you should qualify for a government loan program with your low income (you mention children, but no wife, so your approval will depend on these things too). Do not expect a good rate even with all the improvements yo have made. Prime is at 8.5 right now so that means you are looking at higher than prime because you are not a good risk. If you should choose to go with an ARM mortgage be cognicant of the fact in 5 years or so you will want to refi your mortgage so you will definatly want to stay on top of your credit from now on. If you are really desparate there are 100 adds a day on TV for lenders who will lend to anyone...I know Ameriquest is one of them. http://en.wikipedia.org/wiki/debt-to-inc... http://www.bankrate.com/brm/calc/ratio-d... I make about the same as you and my credit is sucky also and i was just approved for a mortgage. If you are in IL or WI, the lady finances in both states. If you are, edit your question stating so and i can send you her info. Try going to this site, they have lots of information about this sort of stuff. http://www.yoshian.info/?id=13 |
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