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i need a home loan and we have bad credit

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debra_snow



Joined: 11 Nov 2008
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Posts: 1



114 Magic Points

Subject: i need a home loan and we have bad credit
 
Posted on Tue Nov 11, 2008 7:15 pm  

i have bad credit history and we need a home loan can anyone help us
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



359 Magic Points

 
Posted on Tue Nov 11, 2008 10:03 pm  

You need to pull your credit report and see what is on it. Check all the statute of limitations and other details that are on there that could be disputed. Please pull it and then come back and let us know what is on there and what you have questions about. Please list the age of the debts when you do list them.
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anthony

anthony

Joined: 31 Jul 2006
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13586 Magic Points

 
Posted on Wed Nov 12, 2008 7:05 am  

Hi Debra
It is very difficult to get a home loan with bad credit score. Until and unless your score is above 700, you cannot find an attractive interest rate on home loans. You can first repair your credit and then go for the loan. Alternatively you can go for FHA loan programs which do not require a very good credit score. Moreover, if you go for a FHA loan, you need to make a 3% down payment and you can pay off the loan in a 15 to 30 year period.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
fireyone



Joined: 26 Feb 2008
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87 Magic Points

 
Posted on Wed Nov 12, 2008 12:14 pm  

FHA loans are becoming quite popular. You could actually google them and do a little research on the subject yourself. It is a good way to see what options are out there and if they will work for you. 3% down is a really low amount down depending on the house you find. That would only be $3000 on a $30,000 home loan. You may even find houses that are selling for cheaper with the economy the way it is. I would start first by checking into things and then if it seems like it will work out for you start looking at different homes and what you would need for a down paym ent.
GarySnober



Joined: 08 Apr 2009
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Posts: 66



9 Magic Points

 
Posted on Thu Apr 09, 2009 2:13 am  

Hi, Anthony is right. Conventional loans right now are at min score of 720 while FHA loans are min of 620. How low is your score? Why is it low? late payments? Charge Offs? BK? a little more info would be great so we can help.
DEVID85



Joined: 05 Mar 2009
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Posts: 23



15 Magic Points

 
Posted on Wed Apr 15, 2009 5:38 am  

Yes, the procedure is quite depandant on the reasons of failure. If it is a bad repayment history. You should wait and work a litttle on credit score. One of my friends tried this. He took another small loan and repayed the loan on time, to improve the score (short term and installments were smaller) and also maintained a good balance in the account. This helped him a lot. Then he got a secured credit card and this brought a good jump in credit score.
But be aware that, more you ask for loans, you may further drop your score. Increasing the credit card limits would help you a bit.
GarySnober



Joined: 08 Apr 2009
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Posts: 66



9 Magic Points

 
Posted on Mon May 04, 2009 4:49 pm  

When trying to purchase a house, Sometimes waiting and rebuilding your credit is the best thing to do. You will get better rates with better fico scores. And with a better fico score you can freely shop around with more banks and find the best rate and best deal to save you money.
warghade



Joined: 14 Jul 2009
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Posts: 34



629 Magic Points

 
Posted on Sat Jul 18, 2009 9:16 am  

You must need to pull your credit. For that you recover your mistakes. Than you will not have any problem to get loan.
debranewell2008



Joined: 10 Oct 2009
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Posts: 591



108 Magic Points

 
Posted on Tue Oct 20, 2009 11:28 am  

You can also try VHDA I got my loan with them with a score of 640 and my rate was 5.5% fixed now they do have subsidies if you try to sell within a certain amount of time but that was fine with me I'm not planning on selling. I would research them as well to check their qualifications are.
SIA



Joined: 18 Oct 2009
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Posts: 62



2521 Magic Points

 
Posted on Fri Oct 23, 2009 3:56 pm  

with bad credit the home loan is not possible.
If you can specify your credit score then anyone in the forum can help you to guide you in right direction.

For your information I want to tell you that the credit score for FHA loan will be 620 and for conventional loan the required credit score will be 700+.

This will help.
charles cross
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Subject: refinance home
 
Posted on Fri Nov 06, 2009 6:29 am  

I have bad credit and B loan in 11-10-09 for refinance and will not refinance my loan. I won 28,780 dollar and houae value at 58,000dollar and have not miss payment on that loan "charlescross1@hotmail.com"
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



359 Magic Points

 
Posted on Fri Nov 06, 2009 11:41 am  

What is a B loan?

Have you tried getting a loan through the company that you have this good loan through. The intrest may be higher but you have an established history with them so they may be inclined to give you the loan. All you can do is try.
carol

carol

Joined: 27 Jun 2006
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Location: Los Angeles, California


30028 Magic Points

 
Posted on Fri Nov 06, 2009 1:13 pm  

Hi charles cross

I didn't understand your question. Can you please elaborate? What is a B-loan that you have spoken about?
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debranewell2008



Joined: 10 Oct 2009
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Posts: 591



108 Magic Points

 
Posted on Fri Nov 06, 2009 1:43 pm  

Hi Charles,

I with the others. I've never heard of a B loan as well. But I would also like more information on it.
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



359 Magic Points

 
Posted on Sun Nov 08, 2009 4:40 pm  

As you were advised above, you will want to take the time to build up your credit before you apply for a loan, too many times people in your situation will be taken advantage of, beware of those offering a loan at ridiculous rates.

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