Can you get a bad credit mortgage loan anymore?

Dec 18, 2008 by Kelly D | Posted in Renting & Real Estate

Have a credit score of around 620-640. Past wage garnishment (a year ago) but paid off early. Past car repossession (reason for the garnishment.) Other small things charged-off. Only looking for a mortgage loan of $25K or less with $10K for down payment. With todays economy, is there any chance of finding a mortgage company? What kind of rates would I be looking at?

I won't says it's impossible - only a lender who can look at your actual data could say that - when people over 700 can't always get loans, I'd say the chances aren't great.

You have nothing to lose by checking into it though. Just go talk to a couple of lenders and find out. Having a down payment would be a huge help to you.

where can i get a bad credit mortgage loan with a credit score of 598?

Jan 15, 2007 by di1913 | Posted in Credit

search this in google:

"down to 580" mortgage 100%

It will bring up all the lenders who are advertising 100% financing down to a 580 credit score, of which there are hundreds. Alternatively, you could search with

"580 credit score" 100% mortgage

and this will bring similair results. I say 580 because that is the minimum score that you must have to get 100% financing, no matter where you go. However, the interest rate will be high. Good luck!

How can you get a mortgage loan with bad credit?

Jul 16, 2007 by Tracy C | Posted in Personal Finance

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.

Bad credit mortgage loan?

Jun 03, 2007 by AbileneTxen | Posted in Renting & Real Estate

My husband and I are trying to get a home loan (we only need 20,000) for a home we are looking to purchase in TX. This would be our primary home. My husband's score is 573 and we need to get this done as soon as possible. We have a small dp to put down (1,000 or so), any advice?

Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.

Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.

You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:

http://www.axalda.info/bad-credit-mortgage.html

Does anyone know where I can get a mortgage loan with bad credit?

May 21, 2007 by sexyT | Posted in Renting & Real Estate

We need to get a loan ASAP. We are in a lease to own agreement and time is about up. We have been doing things to improve our credit. A lot of neg have come completely off and others have been paid. We thought our score had increased but today we found that after all this time it only went up about 4 points. 579 536 505 are the three scores. We have about 8900 invested in the house rt now. We still need to get a 100% loan. I know the interest will be high but we dont want to give up this house. If any one can help please let me know. Thanks

With scores in the mid to low 500 range, it will be almost impossible to find a conventional lender that will get a 100% loan for you. Private money is possible but most private lenders don't do 100% financing with whats considered risky borrowers. I see you at least took steps to improve your credit score, however I would need to know what you did. There are a lot of misconceptions about credit. Many people are shocked to find thier credit score decreasing even though they have never made a late payment in thier lives. Others close accounts or payoff collection accounts only to find out thier credit score actually went down. In the end, the only two things that can increase your credit is smart spending and time. There are several companies out there that can remove things off of your credit report but only things that are erroneous. If you owe it, you cannot legally take it off. Also, many of these companies will ask for up front fees that can be quite pricey. I had one client that paid $5000. This is also illegal under the Credit Report Organizations Act. I have had clients have one of these companies remove tradelines off of thier credit reports, only to see them reappear a few months later. There are good companies that will help you with your credit situations and they only charge $60 to $100 a month. I have attached a link for you.

You can also ask your landlord to carry a second mortgage. It is possible to get a loan for about 80% of the sales price and if your landlord is willing to become the bank on the 20% left over, then you can accomplish what you want. Your landlord would get 80% of the sales price up front and receive payments on the remaining 20%. After a year or two, you can refinance to pay him off. Not exactly the best way but it might be worth a try. I have seen people in your situation also find a new landlord that is willing to give them the same agreement as the previous landlord. The new landlord would buy the house, give you a new lease to own contract which would give you some more time to improve your credit rating. Check with a good mortgage broker in your area since laws vary from state to state. If you live in the western US then check out the link to a mortgage company I know that specializes on the subject.

Also there are several mortgage brokers that will tell you to use opt-out to increase your credit score. This does not work. There is nothing in the fico, beacon, or empirica algorithm that addresses opt-out. All opt-out does is prevent your credit file from what are called "soft" inquiries so your information is not released to other outside entities such as credit card companies. Although, this will decrease the amount of junk mail you get, it does nothing for your score. Contact the credit bureaus for more info.

Hope this helps.

How do I write a letter to a mortgage loan company explaining bad credit and late payments?

Dec 11, 2008 by Suzie | Posted in Credit

I am trying to apply for a mortgage loan to get a house. I just got out of the military and was deployed for 3 of the 4 years and sometimes I didn't pay bills. How do I explain that. I have already started to pay bills off and fix my credit.

I don't know if it will help to give them reasons you didn't always pay. If you think it will help explain that you couldn't get your mail out due to being in a war. If you didn't have a support system at home like parents that could handle your accounts while you were deployed explain why.
You may have to wait to buy a home until you have good credit and are out of debt.

Has anyone been able to get a mortgage loan with bad credit?

Mar 27, 2008 by Becky | Posted in Renting & Real Estate

My rent is more than a house payment would be!! Wanting to work with a trusted company where I won't get screwed over! HELP!!!

That depends on how bad the credit and whether or not you have a down payment. Having money to put down on the home can usually offset bad credit. You still may pay a higher interest rate (due to credit scores), but you can still be a home owner.

If you are looking for a 100% LTV loan and you have bad credit you are out of luck. Lenders require a FICO of 680+ for almost all 100% purchases.

Can a married couple with 1 income get a mortgage loan if one has bad credit and the other has good credit?

Apr 25, 2008 by kitty | Posted in Personal Finance

The one with good credit is not employed.

If the one with good credit isn't working, then they won't be part of the equation when the lender is calculating how much they will let you borrow, and what interest rate you will get. So anything you borrow will be based on the income of the partner who is working.

I would wait until you are both working, and have saved a decent deposit, and worked towards improving your credit history, before applying for a loan. At the moment, you wouldn't be able to borrow much, and you'd have to pay a higher interest rate. Furthermore, you might get rejected, which will damage your credit history even further.

Wait it out, and rebuild your credit. Save a deposit, and THEN apply for a loan. Otherwise you're wasting your time.

Best wishes

Any advise on getting a mortgage loan with bad credit. I have recently started to improve but not enough yet.?

Dec 27, 2007 by slimicall | Posted in Credit

The type of mortgage loan you would get if you have damaged credit is not one that you want. I would say work on your credit for the next 18-24 months, like paying bills on time and getting any inaccuracies removed. In that time you should see an increase in your score. There is really not a quick fix for improving your credit score.

who gives the best bad credit mortgage loans?

Jul 30, 2006 by greg h | Posted in Credit

There are some mortgage lenders that will approve you for a loan without making you pay off any derogatory debt with a middle credit score of 500. BUT, you would have to put money down. If your middle credit score is 580 or above you can get 100% financing and perhaps a 6% seller contribution, getting you into your new home with no money out of your pocket? Do you have any idea what your credit score is? What is the loan scenario? Are you a borrower or loan officer looking to place a loan?

Bad Credit Home Mortgage Loans Require These Precautions

Home mortgages are now in the eye of a financial storm. Yet, everyday more and more requests for mortgages are made to every financial institution that deals with this loan type. Those with bad credit can also access mortgage deals but need to take precautions in order to avoid disadvantageous terms on their home mortgage loans. Improving Your Credit So your credit is not that good and you need a home loan? There is nothing wrong with getting a bad credit home mortgage loan. However, even if ... Read more

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