Financing in Waterloo>Question Details

Ryan Radloff, Home Buyer in Waterloo, WI

if i dont have the greatest credit is it completely impossible to get approved for a home loan?

Asked by Ryan Radloff, Waterloo, WI Sun Jun 10, 2012

i know for a fact my credit isnt that great. right now renting an apartment and this house i am in isnt safe for good enough for my family. i need to know if getting a loan with bad credit is possible. for instance just having a higher interest rate is the only or ?

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5
Dave Tracy’s answer
The best thing for you to do is meet with a Lender. Find out how bad your credit is!, find out what can fix it! and how long that will take. At least you will have those questions aswered.
0 votes Thank Flag Link Sun Jul 8, 2012
Totally impossable for 7-10 yrs better off not wasting your time and just rent. Atleast you don't have to repair the water heater etc which is extreamly expensive.
0 votes Thank Flag Link Sun Jul 8, 2012
Call around and ask around until you find a lender that specializes in this type of problem. They are out there. I work with several lenders that do this for no cost. Not knowing your credit scores, it is difficult to evaluate for you. You may not be as far away as you think.

Keep in mind that they also take other factors into consideration such as your debt to income ratio and your work history.

Let us know what you find out.
0 votes Thank Flag Link Tue Jun 12, 2012
Without knowing your score, nor the other data points to qualify you for a loan, it seems impossible to give you an honest or cogent answer here.

Many lenders have imposed credit score overlays to FHA loans, some now requiring 640. However, Ms. Levinson is incorrect in making a blanket statement as many lenders still offer FHA below 640, Ryan. Find and interview several loan officers and hire one to work with you. Be very careful of Credit Counseling offers, many report to the bureau or play hardball with your creditors, and can actually be treated by lenders as a BK and keep you out of the market for an additonal 3 years.

Best wishes,
Jim
0 votes Thank Flag Link Mon Jun 11, 2012
Mortgages with bad credit are not available. Go to your local non profit housing group for credit counseling. Besides making a budget with you they will tell you what you are doing wrong and how to fix it. When your mid credit score is 640+ you can consider buying a home.
0 votes Thank Flag Link Mon Jun 11, 2012
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