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| *Loan,banking and credit>>>bad credit mortgage |
My partner and i would like to buy our first house, i have bad credit is it still possible to get a mortgage? |
My partner and i would like to buy our first house, i have bad credit is it still possible to get a mortgage? Bad credit can be overcome. Your first step should be to talk to a mortgage broker to see what can be done. While you may have bad credit, your partner might not and the promissory note can be put in his name with both of your names on the mortgage and title. But since we are talking about a "partner" and not a legal relationship like marriage this might be a risk to the partner who has their name on the promissory note if you were to break up. So, your partner could solely title the house in their name until a time when you repaired your credit and could refinance in both of your names or until the time they legalize civil unions. Source(s): I am a Realtor depends on how bad it is..but probably not YES. I am a licensed Mortgage Banker in all 50 states and can help just about everyone obtain financing. The truth is that if your credit is "bad" you'll have to pay a higher rate. Your loan would be concidered riskier than that of someone with excellent credit, therefore, you'd have to pay more. Yes, you can, but with a higher interest rate. And your parter has to be the primary one. I would see if your local Habitat for Humanity or Community Action Project can help you with financing, especially since you are a first time homebuyer. Using these agencies will keep you away from predatory lenders that charge outrageous interest rates because of your credit situation. I am a Real Estate Broker...Yes there is hope for you. Your partner can carry the loan and add you as an extra source of income, or leave you off entirely, and have the Deed put in both of your names. You will probably have a higher interest rate with you on it, and it also depends on how much cash you have to put down. You may even have to pay points to bring down rate...My suggestion is contact Country Wide.. They do their own underwriting and you will no right away. Don't do it on line.. they are everywhere...pick up your phone book and look for a real person you can meet. I am not a qualified mortgagee, but I can tell you that I have helped alot of people by referring them to Country Wide. And as I always tell my clients...What is meant to be will be...don't fret.. it may take you more time then you wanted but it will be worth the wait... Good Luck |
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