Comments on: What should I do if I have bad credit and trying to buy a home?

By: helpdesk

helpdesk — Thu, 12 Mar 2009 03:22:13 +0000

There is a big chance that you’ll get a loan. But since your credit score is not that good, expect that the interest rate of your loan is higher compare to the normal loan.

Check this resource for the list of lenders that give loan to people with bad credit score

By: Becky D

Becky D — Tue, 10 Mar 2009 03:56:02 +0000

Right now with how the economy is, sorry no luck for getting mortgage without good credit. Take some time and repair your credit. payoff any collection you have or public records and judgments, make sure you pay all bills on time, get a secured credit card to help repair. Try Again in 1-2 years.

Good luck

By: Judy

Judy — Sun, 08 Mar 2009 08:05:53 +0000

If you have someone with good credit who is willing to cosign for you, then you might have a chance.

If you have a very large down payment, maybe a third or more of the house price, you might be able to get a mortgage, but even then interest rates will be high if your credit is bad.

Other than that, you’ll have to wait to buy a house until you get your credit rating back up to something acceptible.

For a few years, lenders made mortgage loans to people who didn’t really qualify – that’s most of what got us into this current financial mess.

By: Wounded Duck

Wounded Duck — Fri, 06 Mar 2009 21:22:48 +0000

Bad credit loans are what got us into this mess. Fix your credit, pay your bills on time and try again when you are in better financial shape.Home ownership is not a right, you have to earn it.

By: Kimberly G

Kimberly G — Tue, 03 Mar 2009 14:15:50 +0000

right now people with bad credit are black eyes for the housing market so they won’t touch you.
I would recommend repairing your credit, maybe use debt consolidation. Don’t pull your credit and don’t get any new lines of credit. You may also consider bankruptcy.
Start saving up money and try to get 10-15% for a down payment. Get a savings account and get a good amount of money saved in there that way it shows that you’re responsible with your money.
I’m in the same boat and we’re filing bankruptcy this year. We are also saving money when we can in hopes of buying a foreclosed home in our area.
Good luck!

By: abradley57

abradley57 — Sun, 01 Mar 2009 01:56:22 +0000

No bank will loan you money for a house if you have bad credit. You can try Farmers Home Administration which might be able to get you into one of their programs. The US will subsidize your house loan and guarantee it. If that doesn’t work, then you can see if there are any owner financed houses for sale in your area. It’s a bit like lease to own, only through an individual.