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

Bad Credit Mortgages?

I am looking to buy a house in the next couple of months, but do not have the time to repair my credit. Does anyone know of a mortgage company willing to help out people with poor credit? I am sick of throwing money away renting.

Your interest rate is based on your credit score and how well you have paid your consumer debt over time. There are many lenders that will give a loan to a person with impaired credit. I agree renting it throwing money away.

With bad credit your interest rate will be higher, but well worth owing your own property. Interest rates no matter how high or low are ax deductable (Please see your tax adviser for tax advise)

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application,preferrably with a mortgage broker, which you can find one in your local telephone book.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will then run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.

In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

I this has been of some use to you, good luck

"FIGHT ON"

Yes, mine! What state are you in?
It took me 4 years to repair my credit. I was renting, just like you. So I researched online on how to repair credit. Like I said, it took me four years and I was able to get a house. With bad credit your going to pay more in interest. If I were you, I would try to fix up your credit first. Compare apples to apples...How much would you save in interest if your credit was fixed up compared to how much money you would be throwing away by renting....I would start by researching credit repair...Just a thought..
www.creditboards.com
Find a co-signer: A co-signer with good credit will permit a mortgage at most institutions.

I co-signed once, I had a paper drawn up that read:

"I (my buddy) agree that in the event that I fail to pay my mortgage and payments are required by Whatevit, Mr Whatevit shall own (2) two times the payment in equity in this property at ******* and this debt shall accrued at a rate of 1% per month until paid."

I also had a book which I wrote all transactions in, if there was any transaction that needed to be listed. (payments made-interest accrue-reimbursement).

In this case I never needed it but it made sense to put things in writing. When ever I make a claim it is in a letter and dated. A copy is kept and a note is put in a record book.
I work for a lender that deals primarily with customers with bad credit. Depending upon if you had BK's, we have many programs to help people with scores below 600. What helps is job history, and assets. If you are interested and want someone to give you a call go to www.concordeacceptance.com; tell them Blake(Loan Processor) referred you. Also we would require: 2 Current Paystubs, 2005 or 2006 W-2, 2 Months Bank Statements for All Assets, and if you have anything that is on your credit report that does not fit the guidelines it would have to be cleared by an underwriter.
My husband is a loan officer for a subprime mortgage company which specializes in helping people with 500 or better credit scores get home loans. If you would like his contact information just email me and I would be glad to email it to you.