Home Buying in Carey>Question Details

Tommy Winters, Home Buyer in Bad Axe, MI

how can some one with bad credit get a house?

Asked by Tommy Winters, Bad Axe, MI Fri Feb 12, 2010

if i have a job and had some misshapes in the past how do i get a loan for a house.

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7
You should talk with a good lenderand he/she will help you and tell you what you need to do.
1 vote Thank Flag Link Sat Feb 13, 2010
Tommy, there's a possibility that FHA program will allow borrowers with lower that 580 FICO score to get mortgage, it'll be higher down payment- 10%. There are some lenders that would actually get you an FHA loan with FICO score above 580 but lower 620; if it's over 620, then you should not have a problem at all.
I believe the new guideline for lower scores should come out sometime in April, I'm not quite sure though. Talk to a lender, they should know more about it. Besides FICO score, lenders also look debt-to-income ratio, credit history length, etc. Talk to a lender who is not just going to qualify or deny you but who will run different scenarios with your credit to see what would be the best one for you. They have special software where they hypothetically change something on your credit (say, you payoff your car or a credit card), what it'll do your score.

Also, check out these guys: http://www.united-credit.org/default.aspx
0 votes Thank Flag Link Sat Feb 13, 2010
Hi Tommy,

I wrote an e-book on this subject, it's free I can email to you if you would like to. Give me an email and I will send. You might also consider credit repair to repair and rebuild your credit rating moving forward, then you can qualify for a good mortgage not just qualify. Good luck!

Hannah_415@yahoo.com
Hannah Fliegel
415-999-9348
0 votes Thank Flag Link Sat Feb 13, 2010
Tommy: There are ways to repair your credit. Depending on how bad your "Mishaps", are it may take some time. The sooner you begin the process the easier it will be. Some of my clients have improved their credit in as little as 6 months.

Be careful of credit repair businesses and seek out the advice of a full service Mortgage Broker who will assist you free of charge. They will analyze your credit and help you on your way to a higher score because they want your mortgage business in the future.

Good Luck!

*****
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Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Sat Feb 13, 2010
Hi Tommy, all the other answers are very good, but there is one more you should consider. You may want to lease option or rent to own. This is where you put up an option deposit that is credited towards the purchase price of the property. Then every month, you are also credited some of your rent payment towards your down payment. At the end of the option term, 1-3 years depending on what you negotiate, you can purchase the property. Sometimes the seller will carry the note for you, sometimes you will need to get financing. Its a great time to go into a credit repair program so you're ready to purchase at the end of the option term.

Let me know if you'd like my help in finding such a property. Yes, I can even find you one in Michigan.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com
http://www.HeatherSellsVegas.com
0 votes Thank Flag Link Sat Feb 13, 2010
You may also want to explore NACA to see if this home ownership program is available in your area and see if you meet their guidelines. You do not have to have a perfect credit score. I hope this is helpful. Deborah Rigsbee Miller,Broker Coldwell Banker HPW.
0 votes Thank Flag Link Sat Feb 13, 2010
You can go to http://www.hud.gov and fing hud approved lender and housing counselors in your area.The lender can tell you if you qualify and give you tips on improving your credit.You can also go to a good credit repair co
Your credit may not be as bad as you think and you may qualify.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Sat Feb 13, 2010
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