What types of mortgage loans are available for people with bad credit?
Sunday, February 7th, 2010 at
1:33 pm
I recently lost my job, and got behind on payments. This has really impacted my credit. I’m looking to buy a house, and could afford a down payment, but I need some type of mortgage company that works with people with bad credit. What types of companies are out there to help me in this situation?
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Tagged with: job • mortgage company • people with bad credit
Filed under: loans
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Hi,
I used "Quicken Loans" to refinance my home.Their rates for refinance and mortgage are very low even though my credit score is very bad.Check it out here:
http://QuickenLoans2010.notlong.com
We had the same issues before we got our home a year back, my husbands credit was a little better than mine but we had strong doubts after talking to my friend who worked at a bank. She basically said that our credit was going to make us have a high mortgage. But you need a strong mortgage company that can work with you… I finally tracked down a company in the yellow pages..here is there website, they do it all..
http://HomeMorgageRefinance.yolasite.com
All too often, the loans offered to those with no credit or bad credit end up being subprime mortgages, which means they have bad terms and higher interest rates.
As such, any company you find needs to be carefully considered. Some warning signs of subprime mortgages are penalties for paying the loan off early, weird adjustment schedules, and elevated interest rates.
Since so many of the "no-credit" loan companies practice predatory lending, you must be very careful before signing anything.
Your best bet would be to start with your bank, because even if they turn you down, their interest rates will probably be a fair representation of the current market. You can then use this to compare other offers.
A mortgage broker may also be able to help you, but make sure to be upfront about your credit, because lying will only prolong the inevitable.
http://loan-seeker.info/bad-credit-loans/ has a list of reputable loan providers, even if you do not have the best credit.
If you do not have a job, you cannot get a mortgage at all.
You would be trying to get an FHA mortgage — and you will need a very big down payment — maybe 20 percent or more.
search for fha mortgage and go the fha website. they have a calculator. FHA is an agency of the federal government — be careful you don’t fall for a scammer. There are many of them.
It depends on how bad your credit is but a fha loan is designed for people who dont have perfect credit or a lot of money to put down
buildcredit.ifastnet.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.