Question : Is it possible to get a home loan with bad credit?
My credit score is around 530 and My husbands is around 630. I have charge offs from 2005 (that will be on my credit report until 2012) We both have good jobs and bring home around 7000 together each month. We also have around 30,000 saved up for a down payment. Since our income is decent, and we have a down payment (more than 10%) is it likely we will be able to find a home loan for a new home?
- asked by twosis
All Answers:
Answer #1
It may be possible but try to not overextendyourself. Try to get pre-approved before you gohouse hunting. I recommend a credit union. Theyusually don't charge to run an applicationthrough. Home prices are currently falling(slightly) as are interest rates. You may bebetter off to continue to build up your savingsfor a few months; make sure you pay off debts butdo not close credit cards (they want to see youhave available but not used credit). There aremany first time home buyer programs out therewhich may be just what you need.
- answered by Huba
Answer #2
It's possible to get a loan with your husbandscredit score but most likely not with yours.That's okay though because you don't have to useboth. It sounds like your income and what you havesaved is an excellent start to buying a home. Makesure you get in touch with a reputable lender,they don't have to be in your own state either.
- answered by SmartyPants
Answer #3
You'll get lots of negative comments to yourquestion but rest assured there are loansavailable for you. You want to make sure thoughthat you have stayed current on all debts for atleast 12 months.Whatever loan you get make sure ithas no pre-payment penalty because you'll have toaccept a bad loan if you want to do this soon.You'll want to refinance soon.Consider alease-to-own with a seller also. Gives you time toget your credit back in order. Might get a gooddeal on a house and no need to qualify for theloan for another year or two.Good luck.
- answered by northfulton39
Answer #4
You still could probably be approved for a loanbut, the interest would be very high.
- answered by outlawimmortal2
Answer #5
There is no absolutely answer for yourquestion.However,explorer the information herewill give you some ideas.HOpe ithelps.
http://homeloan.online-assistant.info/home-home-improvement-loan-mobile.html
- answered by CYNTHIA S
Answer #6
Yes though they might not put you on the loan inorder to get a better rate. A good loan officerwill ensure you get the lowest possible monthlypayment. I suggest Hometown Banc Corp. My momused them. They may be your best opportunity forsomeone to say yes. If your credit does notmeasure up, they don’t simply “forget to callyou back.” They help you get into a creditrepair program you can afford regardless ofincome. Check out the free evaluation form atwww.totaldebtsolutionsllc.com and a Hometownloan officer will contact you .
- answered by Nicki W
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