Anyone know how to get a mortgage loan with 100% financing with bad credit?
Answer:
hello, here's an easy
link with info and offers on mortgages:
http://finance.ebookorama.com/
also perhaps here:
http://credit.ebookorama.com
http://credit-repair.ebookorama.com.
http://credit-cards.ebookorama.com.
if you get any luck please don't forget about me lol, hope it helped you, thanks!
speak to an independant mortgage broker, lister in the yellow pages.
read tips on real estate, credit/debt, loans and mortgages that will help you more on this site
you need a hard money lender. unfortunately you will be paying sky high rates
Virtually anyone can get a loan with two key components - sufficient collateral (the house?) and a high enough interest rate and up front fees to make it worth the risk to the investor. Remember, a mortgage loan is from a person or group of people hoping to make money by lending to you. Your low score means you are a high risk. Most lenders don't lend to high risk, but some specialized. You just pay through the nose.
Back when rates were 5%, I sold a house to a person who got a 12% interest rate. I'm sure the high risk rates are higher now.
You might look for a rent to own situation, building a down payment while you repair your credit.
You could also consider finding seller financing - in markets like ours where sales are dead, this might be easy to do. The seller's realtor will probably steer them away from you unless you can get a loan for a downpayment (which is what 100% financing almost always is - two loans, one for 'down payment,' the other for the balance.
Have you talked with knowledgeable people about your score and how to improve it? I don't mean pay someone to improve it - that's typically a rip-off. You have a right to see your credit reports and it's good to check for errors or correctable situations. Now, the credit bureau score is not your FICO score, the one lenders use. There is some relationship, but they are not the same. The FICO score is very sensitive to how much debt you have, but paying it off isn't always a good thing - which is why I suggest reading a lot about it or getting advice from a knowledgeable person.
Apply on line with lending tree or such sites that have brokers contact you with offers.
Because of your low score, you will have high mortgage fees anyway. Be very careful to make sure you don't get a lot of junk fees.
Call a mortgage broker.look in the phone book with ones that specialize in bad credit. MOST say you need a 580 score for a 0 down..so you're super close. They go by your middle score, so you need to know all 3 scores and go with the one in the middle.
HOwever, it will be an 80/20 loan (two loans- one at a lower inteerest, like 7-8%, that covers 80% of the amount, and one that only covers 20% and has a rate as high as 12-15%. )
You'll also probably have a prepayment penalty of 2 years if you try to refi befor then if your credit is better.and those can cost THOUSANDS!
I'm sure there are sources out ther but I'd strongly recommend against it. "No money down" and "Bad Credit/No Credit" lenders make money off of ridiculously high interest rates.
Many young and first-time buyers fall into this trap. No money down means high initial payments. As rates creep up, so does the payment. You think to yourself "I can always re-finance when my credit gets a little better."
Wrong.
Since you put no money down, you will have virtually no equity (the percentage of the house owned by you vs. the percentage owned by your lender). No equity means no collateral. You might lower your payments a bit, but you'll basically be back in the same boat, starting all over at payment number 1.
I'm not sure where you live, but nationally the housing market is beginning to soften. Buyers who got stuck in the above scenario are now finding that they owe $300,000 on houses worth less than half that. You might be better served if you spent a couple years building up savings and reducing your debt.
You are still able to get a house with credit of 570. There are so many programs now a days for people with lower credit. please contact me at christinasmith@mpowercom.net for more information
The problem is with your credit score it is going to be really hard to find financing to begin with. You are going to have to look at putting money down and if you do get approved you are going to be subject to a much higher interest rate then someone with better credit. We have a 570 credit score we bought a car and financed 17,000 but have to pay 500 a month on an 03 Camary. try to find a smaller house or condo something you can pay for then go from there. With the market like it is you may be better off going with a condo and financing directly with the condo association or buying less house until your credit gets better. And dispute medical bills ask for an itemized list of all the charges. That can get hospital bills down and dispute on credit card balances as well. You can get some of those to drop off your credit and improve your score if you do it right. Go to www.annualcreditreport.com
to get a free copy of your credit report and check it often dispute anything that is incorrect it could save you thousands in interest.
Go to the source website I have listed below. Visit their mortgage forum, read and ask your question there. Also this site has a wealth of information on how you can improve your score on your own.you'll be glad that you did. I am!
i would look around at either of these two places
http://www.researchitforme.com/wesayes/l.
or
http://www.wesayes.com
one is free the other has a membership fee
The question is, should you be buying it. Your interest rate will be atleast 9% (dont be shocked). Budget 1% of your purchase price as cost of owning the home. If the math still works then try a few companies, but go for the ethics and professional ones, not just yes we can get you a mortgage, whether you can afford it not is another matter.
I wish you best in your search and home ownership.
I could do it.. but only in FL. Where do you live?
I found a solution that worked for me. It might work for you too.
I had some pretty serious credit problems…some were not my fault and, I guess, a few were. I listened to the so-called “experts” who said they could fix my credit report and I spent money I didn’t have. I didn’t have any luck trying to get my credit report fixed.
I remember paying for the services that these Credit Repair Companies had to offer. The companies told me that they could have negative items removed from my credit reports without any problem, Yeah, right. This did not happen at all. Most of the companies wanted to charge me a set up fee anywhere from $39 to $299 for their services. Not only did they charge this set up fee, most of them also wanted to charge me from $29 to $49 monthly while they “attempted” to repair my credit report. These companies offered no guarantee that their services would actually work and, believe me, they didn’t.
I was about ready to give up when I found a lady who had been through the same thing and who had found a solution. She figured out how get all the negative items removed from her credit report within 3 months without paying anyone a penny. She developed a fast, easy, step-by-step process that she guarantees will work for everyone. She sells the complete plan with all the help and instructions for $47.00.
I know what you are thinking…”another $47 down the drain,” and that’s kind of what I was thinking too. But, I figured that since she offers a 100% money back guarantee I had nothing to lose.
Well, I tried it and it was amazing. I got all of the negative items removed from my credit report and my credit score went from 553 to 715 in only 3 months. All I can say is that it worked great for me. I suggest you check it out. You can always get your money back if it doesn’t work for you. If it works even half as well for you as it did for me you will never even think about asking for a refund.
The information is on this site: http://clean-credit-secrets.com/.
Having looked at the answers and the problems . This is what will and does happen to people like you .
You will get a loan at sub prime adjustable rates on 20% mortgage and fixed sub-prime on 80% mortgage. Your mortgage to start will be 30-40% of your Take home pay.
Within one year the adjustable 20% loan will creep up equal your 80% loan payment. Removing 50% of your take Home Pay. 2nd year adjustable 20% loan has exceeded your 80% loan payment , taking 60% of take home pay. Do you like beans/rice, water, walking/bus?
If you survive to the third year, 'Murphy' moves in .
Can you say layoff downsizing closure fired hurt on job.
Stop your insanity, Do not get a house- the Banks WIN .
Get a 2nd job, pay your bills down , pay cash for everything. Save 30% down after debt free then get the house. If you think this is negative. I serve 30 - 40 Foreclosure notices a day in Houston TX metropolis 5 -6 days a week. Foreclosure are the highest since the Great Depression. Because the banks WIN with 20/80 loans scams to people in your position.
Get some really good info on mortgages at the site below:
Try searching "100% mortgage poor credit" at this site
http://online-mortgage-shoppers.com/.
The search function here brings up some interesting results, a little time browsing this site may bring you the information you are seeking
Don't be mislead by the name of this web site, you can find information on all types of loans here.
marry someone who has a guaranteed down payment from being in the us military. its one of the benefits of being in the service.
Lou K
Level 2
speak to an independant mortgage broker, lister in the yellow pages.
1 week ago
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yums
Level 6
read tips on real estate, credit/debt, loans and mortgages that will help you more on this site
Source(s):
Useful tips on almost any topic - http://www.free-tip.blogspot.c.
1 week ago
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Dattebayo
Level 3
you need a hard money lender. unfortunately you will be paying sky high rates
1 week ago
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cassandra
Level 4
Virtually anyone can get a loan with two key components - sufficient collateral (the house?) and a high enough interest rate and up front fees to make it worth the risk to the investor. Remember, a mortgage loan is from a person or group of people hoping to make money by lending to you. Your low score means you are a high risk. Most lenders don't lend to high risk, but some specialized. You just pay through the nose.
Back when rates were 5%, I sold a house to a person who got a 12% interest rate. I'm sure the high risk rates are higher now.
You might look for a rent to own situation, building a down payment while you repair your credit.
You could also consider finding seller financing - in markets like ours where sales are dead, this might be easy to do. The seller's realtor will probably steer them away from you unless you can get a loan for a downpayment (which is what 100% financing almost always is - two loans, one for 'down payment,' the other for the balance.
Have you talked with knowledgeable people about your score and how to improve it? I don't mean pay someone to improve it - that's typically a rip-off. You have a right to see your credit reports and it's good to check for errors or correctable situations. Now, the credit bureau score is not your FICO score, the one lenders use. There is some relationship, but they are not the same. The FICO score is very sensitive to how much debt you have, but paying it off isn't always a good thing - which is why I suggest reading a lot about it or getting advice from a knowledgeable person.
Apply on line with lending tree or such sites that have brokers contact you with offers.
Because of your low score, you will have high mortgage fees anyway. Be very careful to make sure you don't get a lot of junk fees.
1 week ago
0 0
cassandra 1 week ago You gave this answer a low rating: Show
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Amanda H
Level 3
Call a mortgage broker.look in the phone book with ones that specialize in bad credit. MOST say you need a 580 score for a 0 down..so you're super close. They go by your middle score, so you need to know all 3 scores and go with the one in the middle.
HOwever, it will be an 80/20 loan (two loans- one at a lower inteerest, like 7-8%, that covers 80% of the amount, and one that only covers 20% and has a rate as high as 12-15%. )
You'll also probably have a prepayment penalty of 2 years if you try to refi befor then if your credit is better.and those can cost THOUSANDS!
1 week ago
0 0
Amanda H 1 week ago You gave this answer a low rating: Show
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a_man_could_.
Level 2
I'm sure there are sources out ther but I'd strongly recommend against it. "No money down" and "Bad Credit/No Credit" lenders make money off of ridiculously high interest rates.
Many young and first-time buyers fall into this trap. No money down means high initial payments. As rates creep up, so does the payment. You think to yourself "I can always re-finance when my credit gets a little better."
Wrong.
Since you put no money down, you will have virtually no equity (the percentage of the house owned by you vs. the percentage owned by your lender). No equity means no collateral. You might lower your payments a bit, but you'll basically be back in the same boat, starting all over at payment number 1.
I'm not sure where you live, but nationally the housing market is beginning to soften. Buyers who got stuck in the above scenario are now finding that they owe $300,000 on houses worth less than half that. You might be better served if you spent a couple years building up savings and reducing your debt.
1 week ago
0 0
a_man_could_. 1 week ago You gave this answer a low rating: Show
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ctdtcsmith
Level 2
You are still able to get a house with credit of 570. There are so many programs now a days for people with lower credit. please contact me at christinasmith@mpowercom.net for more information
1 week ago
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ctdtcsmith 1 week ago You gave this answer a low rating: Show
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Jennifer
Level 1
The problem is with your credit score it is going to be really hard to find financing to begin with. You are going to have to look at putting money down and if you do get approved you are going to be subject to a much higher interest rate then someone with better credit. We have a 570 credit score we bought a car and financed 17,000 but have to pay 500 a month on an 03 Camary. try to find a smaller house or condo something you can pay for then go from there. With the market like it is you may be better off going with a condo and financing directly with the condo association or buying less house until your credit gets better. And dispute medical bills ask for an itemized list of all the charges. That can get hospital bills down and dispute on credit card balances as well. You can get some of those to drop off your credit and improve your score if you do it right. Go to www.annualcreditreport.com
to get a free copy of your credit report and check it often dispute anything that is incorrect it could save you thousands in interest.
1 week ago
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Jennifer 1 week ago You gave this answer a low rating: Show
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starbright2
Level 2
Go to the source website I have listed below. Visit their mortgage forum, read and ask your question there. Also this site has a wealth of information on how you can improve your score on your own.you'll be glad that you did. I am!
Source(s):
www.creditboards.com
1 week ago
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starbright2 1 week ago You gave this answer a low rating: Show
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jennifer_hays
Level 2
i would look around at either of these two places
http://www.researchitforme.com/wesayes/l.
or
http://www.wesayes.com
one is free the other has a membership fee
1 week ago
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jennifer_hays 1 week ago You gave this answer a low rating: Show
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Curious
Level 1
The question is, should you be buying it. Your interest rate will be atleast 9% (dont be shocked). Budget 1% of your purchase price as cost of owning the home. If the math still works then try a few companies, but go for the ethics and professional ones, not just yes we can get you a mortgage, whether you can afford it not is another matter.
I wish you best in your search and home ownership.
1 week ago
0 0
Curious 1 week ago You gave this answer a low rating: Show
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IslandFun
Level 2
I could do it.. but only in FL. Where do you live?
1 week ago
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IslandFun 1 week ago You gave this answer a low rating: Show
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Paul
Level 1
I found a solution that worked for me. It might work for you too.
I had some pretty serious credit problems…some were not my fault and, I guess, a few were. I listened to the so-called “experts” who said they could fix my credit report and I spent money I didn’t have. I didn’t have any luck trying to get my credit report fixed.
I remember paying for the services that these Credit Repair Companies had to offer. The companies told me that they could have negative items removed from my credit reports without any problem, Yeah, right. This did not happen at all. Most of the companies wanted to charge me a set up fee anywhere from $39 to $299 for their services. Not only did they charge this set up fee, most of them also wanted to charge me from $29 to $49 monthly while they “attempted” to repair my credit report. These companies offered no guarantee that their services would actually work and, believe me, they didn’t.
I was about ready to give up when I found a lady who had been through the same thing and who had found a solution. She figured out how get all the negative items removed from her credit report within 3 months without paying anyone a penny. She developed a fast, easy, step-by-step process that she guarantees will work for everyone. She sells the complete plan with all the help and instructions for $47.00.
I know what you are thinking…”another $47 down the drain,” and that’s kind of what I was thinking too. But, I figured that since she offers a 100% money back guarantee I had nothing to lose.
Well, I tried it and it was amazing. I got all of the negative items removed from my credit report and my credit score went from 553 to 715 in only 3 months. All I can say is that it worked great for me. I suggest you check it out. You can always get your money back if it doesn’t work for you. If it works even half as well for you as it did for me you will never even think about asking for a refund.
The information is on this site: http://clean-credit-secrets.com/..
6 days ago
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robert w
Level 2
Having looked at the answers and the problems . This is what will and does happen to people like you .
You will get a loan at sub prime adjustable rates on 20% mortgage and fixed sub-prime on 80% mortgage. Your mortgage to start will be 30-40% of your Take home pay.
Within one year the adjustable 20% loan will creep up equal your 80% loan payment. Removing 50% of your take Home Pay. 2nd year adjustable 20% loan has exceeded your 80% loan payment , taking 60% of take home pay. Do you like beans/rice, water, walking/bus?
If you survive to the third year, 'Murphy' moves in .
Can you say layoff downsizing closure fired hurt on job.
Stop your insanity, Do not get a house- the Banks WIN .
Get a 2nd job, pay your bills down , pay cash for everything. Save 30% down after debt free then get the house. If you think this is negative. I serve 30 - 40 Foreclosure notices a day in Houston TX metropolis 5 -6 days a week. Foreclosure are the highest since the Great Depression. Because the banks WIN with 20/80 loans scams to people in your position.
Source(s):
I'm tired of seeing the banks screw people
visit www.daveramsey.com to save your finacial life
3 days ago
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Lisa G
Level 3
Get some really good info on mortgages at the site below:
Source(s):
http://www.no-bull-guide.com/mortgagequo.
2 days ago
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one_under_pa.
Level 5
Try searching "100% mortgage poor credit" at this site
http://online-mortgage-shoppers.com/..
The search function here brings up some interesting results, a little time browsing this site may bring you the information you are seeking
Don't be mislead by the name of this web site, you can find information on all types of loans here.
1 day ago
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one_under_pa. 1 day ago You gave this answer a low rating: Show
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curious james
Level 4
marry someone who has a guaranteed down payment from being in the us military. its one of the benefits of being in the service.
21 hours ago
0 0
Why just accept bad credit? And why pay anyone to do what YOU CAN DO? Nobody can miracle your credit better, nor do they have "special ways" to clear your report of unwanted info. No more than you do. Information can be removed from your credit report if it is inaccurate or unverifiable. These are broad terms. When you dispute an item, the other party (collection agency or creditor) has 30 days to respond (verify the item or not). If they dont, its off of your report.
First thing you need to do is pull your credit reports from annualcreditreport.com (its free once a year for all 3 bureaus). Look them over and identify what is "wrong" and a few at a time start disputing. You can dispute with all three bureaus online.
Let me say, I had a score MUCH lower than yours before I began, and ended up with around a 700 (with a nearly 4 year old bankruptcy). You don't need a 700 to buy a house at a reasonable rate. Don't pay the added interest. Dont bust your butt at a second job. And dont pay anyone else to do what you can do for free.
If you need more info you can contact me.
Best of luck in whatever you choose.
Do you currently have anything of value?? You need to use some collateral. Even if you have bad credit and have something of value a bank or credit union, or mortgage broker can find someone or some organization that will lend you the money. Otherwise you will have to get someone to co-sign the loan. Maybe a close relative maybe your parents. Good Luck.
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