Can I get a home loan with bad credit?

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RE :Can I get a home loan with bad credit?

My credit sucks, I have deffinetly hit some hard times in my life. I am paying quit a bit for rent right now and totally feel like I am just throwing my money away. I have 2 kids and desperatly need a house. I have been working hard to pay all of my bills on time and was doing good until a recent visit to the ER. Are there any rent to own opportunities in Illinois that would work wiith bad credit?

Follow 6 answers

That depends on how bad your credit is, how much (if any) money you have to put down, how much you make (and if you can document it or not) and how much house you want to buy. I work for a company that specializes in this type of loan and I can do 100% financing if you have a FICO score of at least 580. I have programs that can get you financed with scores as low as 500, a day out of a bankruptcy and even with collections; It all just depends. As a previous poster said, just about anyone can get a home loan, the question is can you handle the payments and can it be structured in a way that your income to debt ratio satisfies the lender.

If you want to see if I can help you, go to my company web site http://www.freshstartmortgagehomes.com/ , click on Pre-Qualify and fill in the information. After you complete the first page you will be taken to a page that will help determine what you can purchase.

Tricia B,

all the answers above are good, however

they are not right for you at this time.

candidly you do not need another debt strung

around your neck to drown you and kids.

visit daveramsey.com to learn what you have not learned and bankers pray you never learn.

buy a book - house buying for dummies.

see PBS.Org the article on bankes and credit marketing and slavery.

get 'what colour is your parachute ' ' 48 days to work you love' to find work that pays you more.

understand some smooth talking bankers will qualify you for a loan that looks like you rent.

But will not cover taxes insurances utilities upkeep filling the voids and a dozen other things that cost money you don't have or know how to handle. step back stop the emotions get real world unbiased numbers and change your future.

then an associate of mine will not come to visit.

Most people can get a home loan, but the interest rate will probably be very high. The interest is what usually makes the payment so high.

You can try a credit counselor; they can help repair your credit.

Good luck, I agree with children, you need to get a house and put your money into something that is yours to keep.

Call a realtor. They can probably get you qualified for a certain amount, and then try to find a home in that price range. You may have to start out in something small and older, and after you repair your credit and have built up equity, you can graduate to better. A realtor will reap a monetary benefit if he/she helps you get a house, whereas a loan officer or financial counselor gets nothing, so call that realtor!!

Not on your nelly. Sorry Until they wipe the slate clean, I doubt you will get a loan from anyone. Except maybe from a lone Shark.

I wouldn't touch them either.

People with bad credit buy home all the time.

Matt

http://www.diversifiedlender.com/

http://www.homemortgageminnesota.com/

http://www.refinance-second-mortgage.biz/

http://www.minnesota-mortgage-rates.net/