My husband and I both have bad credit. But, we are working on getting it takin care of. We finally found the perfect house right price and all. But, we can’t seem to find a company that will give us the loan. We have a co-signer with excellent credit. So I would like to know if anyone else has this problem and if they found a company to give them the loan. I have tried the yahoo search thing and that didn’t work..
Does anyone know of a company that gives home loans to people with BAD credit?
14
May
Mike Johnson
May 14, 2010 at 5:23 pm
Generally, in the current market, bad credit will exclude you unless you have extensive collateral to back it up.
There are some creative ways to buy a house though. If the seller is willing, you can lease-purchase the home. That will allow you to get into the house and repair credit. You are making lease payments with the stipulation that you will buy it in a certain period of time.
It sounds like you are working through the credit issues, but there are plenty of companies that can offer guidance: http://www.c3ministries.com
Luke 6:37
May 14, 2010 at 5:59 pm
Try FHA, Fannie Mae, or Freddie Mac.
PIE R SQUARED
May 14, 2010 at 6:55 pm
Where are you located?
Rachna M
May 14, 2010 at 7:02 pm
If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees.
Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates.
http://loan–house.blogspot.com/2008/03/bad-credit-loans.html
Vannessa
May 14, 2010 at 7:48 pm
ripyouoff.com