How To... in 53948>Question Details

Chuck F, Home Buyer in 54634

With bad credit,can I get a first time home buyer morgage?

Asked by Chuck F, 54634 Wed Jan 6, 2010

I had a run in medical Bills,that has given me this bad credit, but they are slowly geting paid off. I can handle the morgage paymant, ins, and taxes, but it is the credit situation that I am finding diffecult. I have delt in life long enuff to know if you get someone who is willing to work with you, it can happen . Can you help me ?

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It can happen, but bad credit is costly, and from the lender's point of view, it isn't so much a matter of whether it can happen for you - that you get the loan - as it is a matter of whether they can count on getting paid.

So, therein lies the rub. You're looking to borrow money when you've had problems paying it back in the past. This will cost you.

Ideally, you'd wait until you've fixed your credit, but there are lenders out there who are willing to lend you money, just not on the best terms.
0 votes Thank Flag Link Wed Jan 6, 2010
I would really recommend hiring the services of a credit councilor. At a minimal fee I have witness great things from some of these services. They can help you disect your credit and offer help to repair it as well as maintain it. The better you get your credit, the better your interest rate will be. A company that several of my clients use and have raved about is: http://www.creditcoachwisconsin.com/
Your not alone in this situation! Hence the need for such services. Good luck I know you can do it!
0 votes Thank Flag Link Wed Jan 6, 2010
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