Question : How can you get a home loan with really poor credit?
My husband, myself and our kids, are living with his parents, for the past six months. We both have very poor credit and are in desparate need of our own place. We now can afford our own place but cannot get a loan to purchase one. We have down payment in hand, and the monthly income to afford everything, but we are still without a home! Can someone please help with an idea of how to get a $6500.00 loan?There is no other proerty or anything to be used for a mortgage! We are trying to purchase a very nice 3BR,2BA, mobile home. We have nothing other than the down payment to put on it, and can afford the monthly payments, and the insurance, along with everything else.
- asked by lil_shortiesunshine
All Answers:
Answer #1
My friends, a very young couple, were in the samesituation. What they did is something called ano-doc mortgage. They don't ask where you gotmoney, your history, your credit, etc. and youdon't tell. I am not sure how to locate one butdo know it exists b/c they have a very nice threebedroom in New Jersey.
- answered by dinaroseplunkett
Answer #2
There are several companies out there to assit youwith securing a loan. Check you local news paperfor folks that help with finding a loan carrier.These folks are noy real estate people theyspecialize in finding lenders for you. They willhelp you fill out the loan application then theydo the leg work to hook you up with a loaner. Ifyou can not find one then gsmartinez2@yahoo.com. Igot a loan this way.
- answered by Memo
Answer #3
What kind of house are you going to get for $6500? There are many places that will issue you a homeloan,
http://www.regionalmortgages.comTry to get afixed rate mortgage. The rate will probably behigh, but once you improve your credit you canrefinance at a better rate.
- answered by Rich
Answer #4
if you dont have a student loan in defaultgovernment grants are readily available
- answered by bobbydburns
Answer #5
Prima facie I do not think there should be anydifficulty in getting the loan . Probably yourbad credit is haunting you . Assuming you havebad credit ---due to any reason whatsoever --- itshould be possible to explain to the potentiallender the reasons which led to the problems . You may further convince the potential lender thatthe causes --which led to bad credit---no longerexist . It is a question of putting up yourstory in a proper way . Of course the problemcan be solved quickly if the lender listens toyour story with empathy . If this does not work ,--as a stratey ---you may try high cost loan wherethe credit rating may not be an issue . Afterrepaying some part , you can approach a new lenderwho offers you " take over loan facility " at asoft rate. He will be guided by the latestrecord of repayment . All in all , it should notbe difficult matter.
- answered by Tanil
Answer #6
Yes, go to a predetory mortgage company thatspecializes in "hard money" mortgages. You'll pay10% or more.
- answered by stoxbill23
| 
