Financing with bad credit

Asked by Rcwilliamsrn, Hernando, MS Wed Jul 7, 2010

Is it possible to get a mortgage if you have bad credit? I know that with the banking failures and the recent restrictions put on lenders it is difficult to get financing now for mortgages, however I recently graduated college and went from making less than 20K a year to making 70K a year. I hate renting and hate my $800 monthly rent payment more. Is it possible for someone like me to find a company that would approve me for a mortgage?

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5
Beth Davidson, Agent, Hernando, MS
Mon Dec 29, 2014
Contact a lender that can work with you on repairing your credit. You would be amazed at what fixing your credit will do for your life and your future. It might take a while but you can do it. Now that you are making money you can really make your money work for you!

Beth Davidson
Crye-Leike
Hernando, MS
0 votes
Loving Life, Home Owner, Hernando, MS
Thu Apr 4, 2013
First, I would DEFINITELY make sure all of the history on your credit report is accurate. I thought I wasn't going to be able to get a home a year ago, due to a few things that I was a little late on (they turned out not being late enough to be considered negative history). I didn't know that my credit report was showing completely inaccurate history. Chris Kittell is an attorney who knows ALL about that stuff. I got my report corrected and took legal action. EVERYONE needs to watch their credit history. It almost cost me a home. I worked hard to be where I am now, and that is finishing my degree and raising 2 children alone. The information I have currently is http://www.kittell-law.com. He is here in Hernando, MS, near the courthouse.

Sorry if this isn't exactly what you were asking, but I saw your question and wanted to share my information. Best of luck!
Web Reference:  http://www.kittell-law.com
0 votes
, ,
Thu Jul 8, 2010
Your credit score and credit history will play a significant role in your ability to qualify for mortgage financing. If you have not talked to someone regarding your credit, then give me a call. I'm in Hernando and a mortgage lender. Given enough time, I may be able to help you improve your credit.

If you're interested, give me a call at (662) 429-5100 Ext. 105. Thanks!
0 votes
, ,
Wed Jul 7, 2010
Bad credit is relevant. 620 is considered bad by many standards but still good enough to get a loan from almost any FHA lender with low rates. You can buy as recently as 2 years separated from a Chapter 7 bankruptcy and only 3 years from a foreclosure.

Here's some tips on how to fix your credit if needed. You may qualify now though:
http://www.keaneloans.com/2010/05/13/how-do-i-fix-my-credit-…
0 votes
Thom Colby, Agent, Irvine, CA
Wed Jul 7, 2010
When you say "bad credit" - what's the issue? Past Due Accounts, charge-offs, bad debt - or just no credit?

There are many ways to get credit re-established. An option may be for you to look for Seller-Financing or Lease with Option.

Contact a local REALTOR - they will be able to assist.

Best of luck,

Thom Colby
Broker / Owner
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We never double-end a transaction in our brokerage.
888-391-5245 Direct Cell
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