Can we get a home mortgage loan with poor credit?
Answers:
It is absolutely possible to get a mortgage. Our lease on the house we are renting is about to expire and out of curiosity I called to find out if it was even possible to get a loan. My credit score is around 550 and we were able to get a mortgage with only 3% down and a 30-year-fixed with an interest rate of 6.625. Maybe some think that is high but I'm definitely willing to lock that in for nowf until I can get my credit under control. So yes, I think you should definitely start calling or contacting lenders and see what is available in your area. If you have any questions, you can email me. Good Luck!
It is called subprime lending and yes it can be done. Your interest rate will be higher and closing cost will higher. Watch out for prepayment penalties or restrictions on refinancing. Supprime lending is risky at best.
Don't do it yet,
First try to get your scores up (get a family or friend to ad you to their credit card with very good and long history)
Try to place 20% down its so much easier to get approved and your payments a lot less,
Go with a bank or credit union and not a mortgage broker (even if they are your friends or family)
Don't start applying until you are for sure that you are ready.
Last go to: Clark Howard . com search for mortgages
site is very useful on everything financial.
I dont know if this well help, but just incase you do get high interest rates, I know that some cities have first time buyer programs who will offer grant money towards the downpayment, if you take a money management class. but their are stipulations, like in our city we have to stay in that home we purchase with ther grant money for 5 yrs. and if we dont we would have to pay it back! ...and that the city can find special financing for bad credit!
Good Day
Elly Financial Home is offering outs loans to the public with a very low rate of 5%. We offer out personal and business loans. Are you in debt and you need an urgent loan? Do you need a real estate loan? Do you need secured or unsecured loan? look no further conact Elly Financial home today on ellylenders@hotmail.com (remove Space) We loan from $2,000 to $500,000,000 with a maximum time duration of 20years. For more informations, contact us as soon as possible.
Best Regards
Mrs Willaims
CEO/Elly Financial Home
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As there are many lenders, you should search for the best lender available. Some mortgage brokers have their own websites. These sites generally list their recommended lenders and quotes on specific packages.
But if you have bad credit standing, stay away from predatory bad credit mortgage lenders. These lenders take undue advantage of the problematic circumstances of the applicants. The 3 most notorious bad credit mortgage lending scam are: high interest rates, forcing closures and demanding titles.
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