Home Buying in Chicago>Question Details

Jackie, Other/Just Looking in Chicago, IL

I have really bad credit and i want to buy a house can naca or any one else help me get a loan

Asked by Jackie, Chicago, IL Sat Aug 20, 2011

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16
Say Beenthere75. You state most of the answers here are rude, yet you turn around and say the same thing.

YOU SAY " I am sorry that most of the answers on here are RUDE to no end. Yes there are options out there for someone in your situation but in all honesty, I dont think they are what you REALLY are looking for. The best option is to obtain your report and focus on clearing up some of the outstanding debt you may have. Many companies may be willing to settle the debt for pennies on the dollar. Also, you may also need to save for a down payment/closing costs."

Beenthere75 what do you really think of your answer. Rude or not? Per your definition of rude. I think you should apologize to the forum.
2 votes Thank Flag Link Mon Aug 22, 2011
Hello Jackie,
Chicago Bancorp has a program that helps individual get on track with their credit to prepare for homeownership. Please give me a call if you would like further information. I'd be happy to help you get from where you are now to a place where you can purchase.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294
1 vote Thank Flag Link Mon Aug 22, 2011
If you are still in the market from 2011 to buy a house and still have bad credit, I suggest you speak to a local licensed credit repair agency and iron out credit issues. Once you are able to reach a minimum middle FICO of 620 decent rate options and ability to get mortgage based upon credit will open up. You should speak to a licensed mortgage professional to find out what other information they will need to qualify you for the mortgage.

Good Luck!

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes Thank Flag Link Sun Mar 16, 2014
You may want to look into a really cheap foreclosure or tax lien house :
try: http://dirtcheaphomes.homestead.com/Seach-Homes.html
0 votes Thank Flag Link Sat Mar 15, 2014
Really bad credit is too broad a term, bad credit for me is under 700 for others it is below 650, yet others seem to think it is below 620, so please send more info so we can give you the best answer. But for the worst sake lets say you are under 620, you need to take the time to raise it at least 30 to 40 points and that would be for all three agencies! Then you start to open up easier acceptance and better rates!
0 votes Thank Flag Link Mon Aug 22, 2011
Hi Jackie,

I am sorry that most of the answers on here are RUDE to no end. Yes there are options out there for someone in your situation but in all honesty, I dont think they are what you REALLY are looking for. The best option is to obtain your report and focus on clearing up some of the outstanding debt you may have. Many companies may be willing to settle the debt for pennies on the dollar. Also, you may also need to save for a down payment/closing costs. I assume if you are like many americans right now, you may be living paycheck to paycheck. If this is the case, you may want to evaluate your spending and make cuts in order so save. Give yourself a year (it's shorter than you think) and check your score again. I speak from experience....life happens and bad things sometimes come with it. Work at it and improve your situation so when you get in the home you will be happy and financially better off.

I hope this helps.
0 votes Thank Flag Link Mon Aug 22, 2011
Good Morning Jackie,

As you have seen from other responses you need to make sure you have your credit is cleaned up before looking at purchasing a home. Get a copy of your credit report and look for derogratory items (collections, judgements, late payments...). Also, did you file bankruptcy recently? If so, it won't matter what your credit score is. You could have a waiting period of at least 2 years before you can purchase a home.

If you have other questions, please let me know. Good luck to you.
0 votes Thank Flag Link Mon Aug 22, 2011
Jackie,

The answer to your question is 'yes', you can still obtain a loan with bad credit if you can demonstrate that you can repay, but not from traditional lenders... from hard money lenders. However, hard money/private lenders tend to lend for investment purchases only, or interest only loans for short periods.
Another way to purchase a home for 'owner occupancy', is to target homes that are advertised as 'lender financing' but you may need a downpayment of at least 20% in some cases.
Think carefully about your circumstance... if you were a lender, would you want to lend to someone in your situation? Why? If you can convince yourself that you can, then you can convince others of the same for the same reasons.

Caroline
0 votes Thank Flag Link Mon Aug 22, 2011
Jackie,

It depends on what your interpretation of "really bad credit" is. If it's as bad as you say it is, why would anyone lend you a dime? Prove you can pay your bills ON-TIME for 1 year, then you may have a chance. I don't mean to be rude, I'm just being honest. Good luck.

Mike.
0 votes Thank Flag Link Mon Aug 22, 2011
Your credit needs to be cleaned up first before thinking about getting a loan. Go to http://www.annualcreditreport.com to request free copies of your credit report from all 3 reporting agencies. Dispute or settle any outstanding debt to increase your credit score.
Web Reference: http://www.rnowak.com
0 votes Thank Flag Link Sun Aug 21, 2011
Seriously, in my opinion, you need to concentrate on improving your credit, not finding a way to buy a home at this time.

Look into why your credit is "really bad", and find a way to get those scores up.
The last thing you need is the pressure and responsibility that comes with owning a home.

Best wishes...........
0 votes Thank Flag Link Sat Aug 20, 2011
Hi Jackie,

Would you lend me money if I borrowed from you and never paid you back? That's your answer.

That being said, contact a few lenders and have them run your credit. Verify what needs fixing on your credit, ask the lender for guidance on how to fix it then work towards that goal. Once you've done this you will be headed in the right direction.

Game plan, goal setting and with end objectives.

Good luck!

P.S. If you need some lender referrals feel free to contact me directly for a list.
0 votes Thank Flag Link Sat Aug 20, 2011
Hi Jackie,

Hope that your having a good day. There are othere options out there and available too. Some are not the conventional route, like either rent to own or lease option. As some others on here have suggested if you want to go through with a conventional loan, you need to seek out a bank that is doing lending and find out what the criteria is for you to qualify for a loan. If you would like to do something non-conventional please feel free to contact me and we can see where you are at and assist you into a place that will allow you to successfully accomplish your dreams.

Sincerely,
Tony
708-942-7039
redhotrei@hotmail.com
0 votes Thank Flag Link Sat Aug 20, 2011
NO. Clean up your credit, act responsibly then when you prove that, go buy a house.
0 votes Thank Flag Link Sat Aug 20, 2011
Your best bet is to call a few lenders up and ask them what your options are.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Sat Aug 20, 2011
I do not know what 'really bad' credit is, but my web site has some lender references. You should make a few calls to see what they say, but I think you know the answer.
0 votes Thank Flag Link Sat Aug 20, 2011
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