Loan Management

Seeking a loan with bad credit history!

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alexandria_1

Joined: 16 Nov 2007
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Posts: 1

64 Magic Points

Subject: Seeking a loan with bad credit history!

Fri Nov 16, 2007 5:56 pm

I am looking to buy a new house but for my bad credit history I am hesitant to ask anyone about it. Is there any chance that I get another loan and meet the requirement of owning a house? Any suggestions? Thanks!

Laura

Joined: 21 Jun 2007
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Posts: 1409

34306 Magic Points

Sat Nov 17, 2007 4:53 am

Hi Alexandria,

Welcome to the forum.
Home loans are usually available with a minimum credit score of 580. If you range lower than that I would suggest you to look for the FHA loan.
Check this site for information http://www.fha.gov/buyer/loans.cfm

With low scores it is difficult to get a competitive rate of interest. You might be successful in getting a home loan but the rate will be comparatively higher. As i am not aware of your score I wont be able to give more information on this. Could you please give me your score here? Many members will be able to help you out in that case.
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Regards,
Laura.

anthony

anthony

Joined: 31 Jul 2006
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Posts: 381

9616 Magic Points

Sat Nov 17, 2007 4:54 am

What is your score Alexandria?
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Anthony..

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.

Dadummy

Joined: 15 Nov 2007
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Posts: 638

16 Magic Points

Sat Nov 17, 2007 1:13 pm

The availablility of good rates may be a challenge right now if you score is low, buying a home is a big decision, if you can't get a good rate, you may want to take the necessary steps to rebuild your credit and then once you have your score up to the 530 or above, if it isn't there now, you could try borrowing the money also. What is your rating? Do you work fulltime? What is your debt to income ratio? They often investigate this to see if you can afford the payments. I hope things work out for you and you can get a descent rate, you may want to go onto one of the mortgage pages and use one of their calculators to see where you stand right now as far as what payment you can afford. Those sites have some real good tools that you can use. Also, there is a forum dedicated to mortgage questions and answers, you can go to it on the link listed at the very top of this page. There are alot of realitors on that forum giving advice.

kylerwhin

Joined: 17 Nov 2007
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Posts: 1

49 Magic Points

Subject: Re:Seeking a loan with bad credit history!

Sat Nov 17, 2007 2:41 pm

It really requires a lot of courage to even think of a loan when you have a bad credit history. Surprisingly there are many a lenders who still would like to do a business with you. I found such a help on Web Addy deleted and the article below really opened my eyes. Hope this will meet exactly what you are looking for:-
Deleted for safety . All the best and have a great time!

Sir Willof Lee
Guest

Subject: guarantee Loan offer For all

Fri Jan 11, 2008 12:43 pm

Spam Deleted- Richard

Dadummy

Joined: 15 Nov 2007
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Posts: 638

16 Magic Points

Fri Jan 11, 2008 10:58 pm

i dont know about house loans but be real careful make sure its not adjutible rate charges or you will never get ahead make sure its a fixed rate most banks will do a house but require a bigger down payment from bad credit plus some rates go by your credit score the better your score the lower interest rate you can get.

SunDevilsFan

Joined: 09 Nov 2007
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Posts: 194
Location: Sunny Arizona

6598 Magic Points

Sat Jan 12, 2008 6:37 am

I realize this post was made in Novemeber of last year...hopefully the OP went to the forum's site for all the information.. They have great, knowledgable people over there that can assit. I know they did for me when I bought my home late last year...

Dadummy

Joined: 15 Nov 2007
Dadummy's page
Posts: 638

16 Magic Points

Sat Jan 12, 2008 5:13 pm

all ill say is check out all the options and get advice from someone who knows and you can trust

hummingbird

Joined: 10 Jan 2008
hummingbird's page
Posts: 129

724 Magic Points

Mon Jan 14, 2008 9:19 pm

We bought our home through our local bank .For some reason at the time we could not get a fixed rate. Why do you think that was? Seems like I remember it was the fact that they did not offer one, could that be true?

fred333

Joined: 22 Jan 2008
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Posts: 28

814 Magic Points

Thu Jan 31, 2008 8:18 pm

That could be true. Some banks don't, it all depends on what type of bank it is.
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Trying to find debt settlement in my life.

fred333

Joined: 22 Jan 2008
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Posts: 28

814 Magic Points

Thu Jan 31, 2008 8:25 pm

do you have anything else to put up for collateral in oder to get the loan?
_________________
Trying to find debt settlement in my life.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1409

34306 Magic Points

Fri Feb 01, 2008 7:28 am

Usually it is the home that is kept as collateral.
_________________
Regards,
Laura.

August

Joined: 09 Jan 2008
August's page
Posts: 144

18 Magic Points

Tue Feb 05, 2008 2:09 am

Have you tried to refinance? How long have you had the loan? The rates are down now.


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