I have bad credit , how can i get a loan from a mortgage company to buy a home ?

Asked by Ssc, 32714 Tue Feb 8, 2011

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5
Spirit Messi…, Agent, Tucson, AZ
Tue Feb 8, 2011
Have you spoken with one? That is number one, and it is a free conversation. This will allow you to see where you are, assess your situation. A "good" lender will then tell you what you can work on to increase your scores, improve your debt-to-income ratio(s) and etc. This way, even if you cant buy now, you may be able to in the future.

Best of luck.
Spirit
0 votes
Jennifer De…, Agent, Orlando, FL
Tue Feb 8, 2011
Hi Ssc,

I also have a lender who will work with credit scores from 580 and up.

For my other clients I have a great credit repair program that takes about 3-6 months that has worked time and again for my clients over the years. It will bring your score up b 50-100 points. So if you have a little patience then I have a program for you.

Let me know if you like further details.

Sincerely,

Jen

Jennifer De Vivo
The De Vivo Team
http://www.devivorealty.com
http://www.facebook.com/devivorealty
Cell.407-921-1310
"Our Family Helping Your Family"
Web Reference:  http://www.devivorealty.com
0 votes
Cindy Murray, Agent, Altamonte Spgs, FL
Tue Feb 8, 2011
Depends on how bad, what are the issues specifically and what triggered the "bad" credit.. Some items like a foreclosure, a Bankruptcy or other type of major credit hit likely would prevent a standard lender from providing a mortgage for 2-5 years. However, there are other items which could affect the ability to secure even an FHA loan such as outstanding federal debt on student loans, etc. Your best bet is to get with a loan counseler, and get a copy of your credit report from each of the three credit bureaus. Some items of deterogatory info could be in error or repairable. It also depends on the $ you have available for a down pymt. There are several programs available for lower income folks that may be available to you as well, especially if this would be your first home purchase. Be happy to give you some additional insight. Cindy M. Realtor, CDPE.. Feel free to email me at info@bearyspecialhomes.com
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Tue Feb 8, 2011
Ssc,

You need to talk with a lender FIRST. Every buyer needs to find out what they can qualify for BEFORE they look for a property.

You may also need to talk to a FREE credit repair service. We have buyers who are in the process of repairing credit to be able to buy in 6 months or a year.

First, talk to a lender, take their advise and go from there.

You can do it!

Debbie Albert, PA
Keller Williams of the Treasure Coast
Web Reference:  http://www.ronanddebbie.net
0 votes
Jose Morales, Mortgage Broker Or Lender, Lutz, FL
Tue Feb 8, 2011
It depends what you call bad credit and the nature of the derogatory items. We have lenders that can do down to 580 but other requirements apply. Call me to discuss your particular situation.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
561-432-9237
info@floridamortgagecoach.com
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