Home Buying in Franklinville>Question Details

Carol Lynn, Home Buyer in Franklinville, NC

How can I get a first time homeowners loan with bad credit ?

Asked by Carol Lynn, Franklinville, NC Mon Sep 1, 2008

I have never bought a home , I have not so good credit , how can I get a loan for my first home ?

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I have a background in credit and real estate, now I help people with credit issues get approved for home loans and referred to a real estate agent. I have owned my real estate company, The Lenders Network for 7 years we are nationally recongized as a leader in the mortgage industry. We will be able to get you approved for an FHA home loan with a 580 mid score, sometimes lower. Read about it more here. I look forward to helping you.


The Lenders Network
1 vote Thank Flag Link Sun May 12, 2013
There are a variety of government loan programs that may be suitable to your needs. If your credit situation can be reasonably explained, it may be suitable as is. If not, it may need time and attention first. Either way, you should discuss this with an experienced mortgage specialist at a government-approved lender (such as my company), so that you have acces to the advice and loan programs that can help you achieve your goal of homeownership.
1 vote Thank Flag Link Mon Sep 1, 2008
Good afternoon Carol,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

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0 votes Thank Flag Link Mon May 13, 2013
Randy and The Lenders Network are amazing! They can help you get a home loan with less than perfect credit! I seen them work miracles... I send a lot of clients their way!

Good Luck!
0 votes Thank Flag Link Sun May 12, 2013
You're going to need to talk wtih a mortgage specialist. Check out the link for a resource.
0 votes Thank Flag Link Tue Sep 2, 2008

You did not say how bad, "bad" is. Assuming you mean credit scores in the 500's, you will best serve yourself if you do some credit repair. Often there are duplicate reports or paid accounts that still appear on your report. Many areas have not for profit organizations that offer First Time Homebuyer counseling and credit repair. They are usually affiliated with a federal or state mortgage program and often offer some type of grant upon completion of the program. The other route is a "hard money" loan. You will pay steep interest rates and points. Your best bet is to take it slow, do it right, get counseling. Avoid the quick fix and become an "A" rated consumer for life.
0 votes Thank Flag Link Tue Sep 2, 2008
Carol -

What's making you want to buy now?

check out the link below - best 25 bucks you'll spend.
0 votes Thank Flag Link Mon Sep 1, 2008
Please contact me off line at Gail@GailGladstone.com and i will recommend a broker who specializes in assisting with these situations.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Sep 1, 2008
Depends on your credit score. Contact a local mortgage broker review your file. HOWEVER if your scores below 620's recommend locate a good credit repair company the proceed. If you debt ratio is high pay off your credit cards reduce the balance HOWEVER never close those accounts. Your scores will increase.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Sep 1, 2008
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