Refinancing Home Mortgage
In: Mortgage Lenders
23 Apr 2010We are wanting to purchase a larger home asap, however my husband and I do not have very good credit. Does anyone know of a mortgage company that deals with bad credit that I may be able to get the approval I so desperatly want and need? Thanks in advance for any input that can be offered.
This is about mortgage information questions.
4 Responses to Does anyone know of an honest mortgage lender that helps people with bad credit?
I'm so excited
April 23rd, 2010 at 3:09 pm
countrywide
smartwholesale.site88.net
Judy
April 23rd, 2010 at 3:15 pm
“Not very good” credit is one thing, “bad credit” is quite another. If your credit is in the low 700’s you might be able to find a loan with enough of a down payment. If it’s much below that, you need to work on getting your credit up before trying to buy a different house.
brian s
April 23rd, 2010 at 3:19 pm
It depends on why you don’t have very good credit. There is a large number of people who have bad credit ratings but are very qualified for loans because they don’t have a lot of credit or haven’t had credit in a while. If you have held the same job for 2 years and have not missed any payments on your rent/mortgage and utilities, then you may still qualify for a loan. Find a mortgage company that does manual underwriting which basically means that they don’t look at your credit rating. One company that does that is Churchill Mortgage (http://www.churchillmortgage.com). However, if you have bad credit because you have mis-managed your money, you will have difficulty finding a loan, especially a good one. If that is the case, you are better off renting until you can figure out how to do better with your finances.
Marín
April 23rd, 2010 at 3:23 pm
I agree that it does depend on the type of bad credit you have. Yes, lenders are skiddish about lending to those with bad credit BUT if you have money to put down and your over/under percentage is good, then you should be okay. My boyfriend and I have met with different mortgage agents (also a good idea). The first one tried to pull the load of BS about “I can get you a loan with no money down and your bad credit!” (Don’t fall for it!) While the second was very honest and upfront about our loan not being very large, but still possible. You wanna make sure your net pay covers the mortgage payment, with money leftover for other bills (utilities, etc).
It is possible…my boyfriend and I are living proof!
Also, make sure to get a FIXED rate…don’t fall for the ARM loans that have helped contribute to the mortgage crisis! Good luck!