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| *Loan,banking and credit>>>bad credit mortgage |
If you have bad credit, is it possible to get a mortgage for a first time home buyer? |
All the bills were paid, but they all went through collections, I fell on hard times, but I do have about 15,000.00 cash to put down. I live in texas..thanks Stay away from regular financial institutions, they want current debt to be up to date and your old debt to be paid without collections. But if you are like 65% of Americans (and Canadians), you are in debt far more than you should be and your bank knows it. Talk to a mortgage broker, they have access to more options and they will even give you a mortgage when your credit is no good. You will have to pay a higher interest rate but at least you will have a home. Once your finances are in better shape years down the road, you can refinance your mortgage for a better rate. Normal banks provide you with their mortgage, their way, with their interest rates. A mortgage broker can offer you several different options that suit your needs. REMEMBER to shop around and don't be discouraged if you get a lot of no's. Someone will say yes, you just have to find them. Good luck! yes, you can even qualify for some fha loans......but all the bad debt on your report does have to be paid off first Find a Buyer Agent and have them refer you to the local Rural Development Rep. These folks work miracles. Also state Housing Authority. You are in better shape than you think. Good Luck An Agent Hi it is possible to get a loan with bad credit.....I am a Loan Officer so I do know...With a 580 credit score you can get a 100% financing depending on which lender is used...and there are some lenders that will let you use a co-borrowers score and finance a purchase as well.....It just depends on wether or not you have a good loan officer working with you to find the best program that wil fit your needs......... yes - check out fha loans Yes, you can buy a home. You will need to establish some positive credit first. Here is some additional info that might help. |
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