I have a 495 credit score and just had a recent divorce and still living with my husband. I am staying with him to save money however I want to get my own home and its seems not to be possible because of my credit score. I have collections and some recent one’s too. Are there any lenders out there that would be able to help me? I know this is alot but I am in the process of working on repairing my credit by paying car and credit card bills on time and no new open accounts. I want to buy a foreclosure and they have really good deals in Michigan the area that I am in. I know there will be high fees associated with a credit score like mines. That is not such a big deal if I get a good deal on a home and I have an action plan for my credit and would refinance in a year or so. Only serious inquires please and any advice on this type of situation. Thanks!
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Mon, Mar 1, 2010
March 1st, 2010 at 7:13 am
You need to wake up to reality, you can’t afford to buy a house.
March 1st, 2010 at 7:13 am
There is absolutely no way you are going to qualify for any home mortgage, expecially in the current housing marketing. Have you not heard the news that many sub-prime mortgage companies have gone bankrupt?
Your only hope is to clean up your credit. You should check this site: http://www.nfcc.org/ . This is Consumer Credit Counseling Services (CCCS), a legit non-profit company that offers free credit counseling. They also have a debt management program available, if you qualify, at no fee.
It’s going to be 2 or 3 years after you clean up all those negatives before you can even consider buying a house.
March 1st, 2010 at 7:13 am
unfortunately not, My friend is in the lending business his company works with the lowest score possible, and that’s 520. Anyone saying they will really check them out hard. through the BBB, Housing Authories, and the Attorney Generals office.
You need to get your credit back on track, it’ll take 6 months to a year to do that, with constant payments.
March 1st, 2010 at 7:13 am
Not now especially without 20% down and closing costs. The Sub Prime market has shut down, the Alt-A is almost gone and credit has tightened up for those with good (720 and above) credit. Continue paying your things on time but the collections will still remain on your report for 7 years.
March 1st, 2010 at 7:13 am
To make this statement
"process of working on repairing my credit by paying car and credit card bills on time and no new open accounts"
and then to make this statement
"I know there will be high fees associated with a credit score like mines. That is not such a big deal if I get a good deal on a home and I have an action plan for my credit and would refinance in a year or so."
means you need to look at both those statements and figure out why you will not get a home loan for a few years yet.
Building a good credit rating mean you make smart credit decisions and not ones like in the last quote. What if things do NOT go as you expect and something unforseen happens and you can not refi?
Work on your credit.
March 1st, 2010 at 7:13 am
hi, been in the same situation..Im sorry to hear your story…anyway try it with nhbs, inc, im not 100% sure that you’ll get approved but i was helped by nhbs when i was having financial and credit difficulty
have a great day and stay safe
March 1st, 2010 at 7:13 am
Check this resource: http://www.badcreditresources.com/bad-credit-mortgage-loans.html — It has a list of lenders that approved bad credit home loans.
March 1st, 2010 at 7:13 am
Hi.
This site is well recommended for bad credit loans :
http://fype.com/badcredit
March 1st, 2010 at 7:13 am
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March 1st, 2010 at 7:13 am
You can get a loan, but you’ll have to put down a pretty good sized down payment. Typically they range from about 25-35% of the value of the house. I work in the mortgage business in Pennsylvania, and unfortunately cannot do loans in Michigan, but I am telling you that at least in PA, there are still people who will do this loan. I’m working on one right now that is very similar. You are going to need to try what is referred to as a hard money lender. The rate will be high, definately in the teens and you will probably have to pay around 4 points, but it can be done.
March 1st, 2010 at 7:13 am
ite better for you to try for an online loan.i think that th e below website will help you to find the right solution.
March 1st, 2010 at 7:13 am
Don’t lose hope if you’re looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it’s still one of the best investments that you can make, so, in many cases, it’s worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html
March 1st, 2010 at 7:13 am
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad credit<!–These options include Bad Credit Home Loans, Home Equity and Line of Credit (HELOC) Loans and different options for Mortgage Refinancing, making it possible for those with bad credit to realize the dream of owning their own home.You can find Home Loans here,
http://badcredits.awardspace.com/homeloans.htm
They also offer a debt consolidation offer which helps the home owner organize a comprehensive program for controlling their spending. Many consumers with bad credit are grateful for the opportunity to receive a second chance, sort to speak–>Bad credit hasn’t stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.