My credit is bad but I’d like to buy home. I’m paying rent and I should be paying a morgage for the price is less per month.
Where should I go to and what do I need to get approved?
How long does it take to get approved?
Real Estate people HELP!
Can you help me get my home???
In today’s market, banks will not touch loans for those without great credit. Your only chance to buy a home is to obtain financing from the seller themselves.
it depends on what you mean by bad credit. There may be lenders that can work with you, but it most likely won’t be a big name bank, they’ve tightened their underwriting too much. There are sub prime lenders around, but you’ll pay out the nose as far as rate goes. If you know your credit score, look at www.fha.com. They are the most liberal when it comes to credit scores right now and some will go under 580 credit score, but you will take a hit on the rate. I would try to find a mortgage broker in your area that has access to these programs and give them a call. Be honest about your situation, but do some research on your end as well so you understand the process. You might be able to qualify, or you may need to focus on your credit and get it repaired, but at least you’ll have a starting point to work from. good luck and feel free to ask a question should you need to
I suggest you learn about the process and how to identify an ethical loan professional. Take some time and make an effort to find out how much you need to know, and where to start. Personally, I like Barnes & Noble.
Focus on the knowledge and integrity of the Individual, not on the familiarity of a company name or how much advertising a company does. And some of the familiar on-line names are not lenders at all, they are lead aggregators (they collect minimal information, which is insufficient to get your loan done, sell your information left and right, and then you’ll get dozens or hundreds of calls after your credit is pulled).
This is a good site to check consumer feedback to companies (in any industry): www.consumeraffairs.com
Select a loan professional that will seek your pre-approval for free, immediately, and you have no obligation if the loan proposal does not suit your needs.
Each state has first-time home buyer programs, and www.hud.gov offers comprehensive information pertaining to FHA programs (and you can call your regional FHA office, for free, if you have questions).
In this credit crunch market very hard, unless you have a sizable down payment, if not it may not even be possible at this time