Question : Is there such thing as a TRUE Bad Credit Home Loan?
I don't have perfect credit, neither does my husband but we are diligently paying off our bills one by one. I have been looking into loans for people with bad credit and of course they are all over the place promising a future for our family. Then I fillout the Application and whammy I'm hit with an appology notice from yet another lender. I never believed for a moment that I would never own a home, I'm not even trying to get an expensive one. I have two boys, one five, one three, a 4 1/2 month old baby girl and I am due in December. I am begining to feel hopeless and beyond frustrated, I don't want our kids growing up in apartments their whole lives, I'd like them to have their own yard someday. There are a lot of "Bad Credit" loans promising to help but they never really mean it - what gives? Can anyone help?
- asked by mudpuppie_80
All Answers:
Answer #1
Don't fall prey to predatory lenders. Sure,someone may finance you. But the idea isn't justto get financed when it comes to a long-termcommitment like a home loan. The idea is to getfinanced at a good rate. So take a step back,continue paying your bills down and build credit. You can also dispute some items on your creditreport - get a tri-merge report and see if thereis anything that doesn't belong to you. Even ifit DID belong to you, if you had, say, acollection that is now satisfied - dispute it. Chances are very good that you will get it off ofyour report and your score will improve about 20points. Be patient, keep up the good work onpaying the balances down, and then try again. Seeif you can get your mid-score to 620 beforeapplying again.Good luck to you and your family!
- answered by MphsBlues
Answer #2
I wouldn't use instanlend. That will cause thephones to ring off the hook for the next few daysas numerous lenders run your credit, call youconsistently, and only will give you more turndownletters. You need some REAL help.Here is where tobegin, your are doing the right thing but justneed a trusted mortgage advisor to help navigatethe tasks of improving your credit in the best wayto get approved for the home you want to buy.Icould probably fill this page with consultingadvice but if you want to get moving forward andaccomplish your goals you need to find a personwho will work with you and not leave you with aturndown in your hands and an empty roadmap tofigure out what you need to do. This is wheremortgage planning begins.There are only a fewmortgage advisors that sit with clients to managetheir financial goals along with their CPA, CFP,and any other advisors that they work with. Wemake sure to help a client from beginning to endwith the goal to obtain financial freedom. Withyou our immediate goal would be homeownership,then we will re-evaluate your goals to financialfreedom. This would incorporate your childrenscollege fund, your retirement, as well as anyother life goals and needs that will happen alongthe way. There are some loans that can be donewith Bad Credit but it is not for those who arejust starting out, most of those loans are forpeople who have a 20-30% down payment of havequite a bit of equity in their homes if they aretrying to refinance. Most people think that theseloans are availble to those that need to purchasea home with little or no money down and most timesits just not the case, if it was most likely thewhole nation would be full of homeowners and youwould not be in the situation you are in. If youwould like I could give you a free consultationand give you a hand in helping you achieve yourgoals. Otherwise I hope this helps you, Good Luck
- answered by MtgAdvsr1
Answer #3
If you want a link to get some information aboutcredit and scoring just drop me a e-mail. If youare willing to do things to improve yourcredit youcan do it but it will take some time, there is nomagic overnight trick and any company saying theycan increase your scores for a fee is full of it.The only things they can remove is inaccurateinformation which you can do yourself.
- answered by LeoLends.com
Answer #4
Bottom line go with a lender that will work foryou to either get you approved for an FHA loan ora subsidiary loan based on your income. You canown a home, its just a matter of finding the rightperson who has a conscience about their job. Thereare so many programs out there for you to lookinto. I am with a National Lender that helpsfamilies like yours everyday by putting them in ahouse by using all resources in your area. If Icant put you in a house now I surely can put youon a tracker so you can buy one soon depending onyour scenario. Lets get those kids of yours in ahouse shall we? Email me and we can get started.
- answered by turndownspecialist4u
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