i need a home loan and we have bad credit

Submitted by debra_snow on Tue, 11/11/2008 - 19:15

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

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.

Tue, 11/11/2008 - 22:03 Permalink

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.

Wed, 11/12/2008 - 07:05 Permalink

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.

Wed, 11/12/2008 - 12:14 Permalink

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.

Thu, 04/09/2009 - 02:13 Permalink

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.

Wed, 04/15/2009 - 05:38 Permalink

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.

Mon, 05/04/2009 - 16:49 Permalink

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

Sat, 07/18/2009 - 09:16 Permalink

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.

Tue, 10/20/2009 - 11:28 Permalink

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.

Fri, 10/23/2009 - 15:56 Permalink
charles cross (not verified)

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"

Fri, 11/06/2009 - 06:29 Permalink

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.

Fri, 11/06/2009 - 11:41 Permalink

Hi charles cross

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

Fri, 11/06/2009 - 13:13 Permalink

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.

Fri, 11/06/2009 - 13:43 Permalink

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.

Sun, 11/08/2009 - 16:40 Permalink

for FHA loan the credit score required will be 600+ and for conventional home loan 740+.

These are the standards but there are some loacl lenders who can provide you the expected loan.

I think you should contact local lenders they might help you.

Bye the way please clarify your location, so that anyone in forum may help you to find out local lenders who can fulfill your loan demands.

Mon, 11/09/2009 - 14:25 Permalink
summersgsagive… (not verified)

My husband and I have credit scores over 630 can we qualify for 100% financing with a fha loan?

Wed, 11/11/2009 - 18:30 Permalink

Different lenders can do loans at different scores, but the rates vary greatly... The minimum on FHA right now is 620, but it's likely to go up after the first of the year...

Thu, 11/19/2009 - 12:57 Permalink

Three percent really is not a lot to put down depending on the price. That too me seems to be on the low side. I have yet to see a lender finance a home 100%. There is a big risk to themselves doing this.

Thu, 11/19/2009 - 16:11 Permalink

when i financed my first house 2 years ago, i got 100% financing [not FHA though]. In the current real estate market though/the economy, I think 100% financing is a long shot for anyone like you said fireyone.

I was just talking to my grandma and apparently it was on the news that MORE foreclosures are projected over the next 2 years due to balloon mortgages going up & people losing jobs and not being able to afford the higher payments.

It is scary...

Fri, 11/20/2009 - 17:29 Permalink
eddiebray (not verified)

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Fri, 12/17/2010 - 04:27 Permalink
wendy paul (not verified)

country - usa state -ga 2293251541 162 hudson road fitzgerald female single 65,000 3,000 a month im a single parent an my credit is poor i need a bigger house my husband died oct 30,2008

Wed, 03/07/2012 - 07:04 Permalink
kevinlancaster… (not verified)

i am in need of a home loan but my credit score is low due to a past divorce, most of the things on my credit report are over 7 yrs old, i make 3500 month and i am currently leasing a home paying 675 a month. I am getting remarried and we really need a new home, what can i do?

Tue, 07/31/2012 - 00:26 Permalink

Try to improve your credit by following the points mentioned in the above replies.

Tue, 10/08/2013 - 14:40 Permalink
tammy simon (not verified)

I have bad credit I need help with getting a loan

Mon, 10/14/2013 - 16:10 Permalink

Start with repairing your credit report by paying off your current bills on time. You can prepare a budget plan and save money to make down payment on the loan. Once the lender finds that you've paid off your dues and have adequate savings for paying off the debt, he may agree to give you a home loan.

Tue, 10/15/2013 - 10:57 Permalink
kenneth sloan (not verified)

I been renting this house for 9 years the landlord is giving me a chance to own it. the house is worth 25.000 I can get for 12.000 .I have 2000 I am looking for a 10.000 dollar loan to buy home.

Tue, 02/18/2014 - 02:09 Permalink

I too have been in the market for a home loan for almost a year now. I have been calling and comparing my options against one and another, trying for the best fit for us. For the same amount of money borrowed, some companies require X amount per month while others are less.

Mon, 06/02/2014 - 13:57 Permalink
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Fri, 08/22/2014 - 04:11 Permalink
iccmortgage (not verified)

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Fri, 08/22/2014 - 04:12 Permalink
iccmortgage (not verified)

AFFORDABLE LOAN NOW AVAILABLE @ ICC Mortgage And financial Services, Is a sincere and certified private Loan company
approved by the Government, we give out international and local loans to all countries in the world,Amount given out

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We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with
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Fri, 08/22/2014 - 04:50 Permalink
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Mon, 10/01/2018 - 22:45 Permalink
Charisma Lewis (not verified)

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Sat, 11/10/2018 - 12:58 Permalink
Charisma Lewis (not verified)

Hi, I applied for a loan to boast up my new business about a couple of weeks ago. To my greatest surprise my score was very low of 599 and I was rejected, I almost lost with no hope until I ran into an old friend whom I explained my problem to and she introduced me to Hack West who helped her fix her bad credit. I have no choice and I decided to give them a try and they helped me to raise my credit score to 807. I had a bet with my friend I was going to reveal this company to the world if he should fix my credit score. Well here I am recommending: (HACKWEST@WRITEME.COM) for your Credit repair, Chex system and DUI fix. You can also contact via (424) 307 2638. I’m sure you’ll share your own testimony to the world as well after they are done fixing your ailing credit.

Sat, 11/10/2018 - 12:58 Permalink
Charisma Lewis (not verified)

Hi, I applied for a loan to boast up my new business about a couple of weeks ago. To my greatest surprise my score was very low of 599 and I was rejected, I almost lost with no hope until I ran into an old friend whom I explained my problem to and she introduced me to Hack West who helped her fix her bad credit. I have no choice and I decided to give them a try and they helped me to raise my credit score to 807. I had a bet with my friend I was going to reveal this company to the world if he should fix my credit score. Well here I am recommending: (HACKWEST@WRITEME.COM) for your Credit repair, Chex system and DUI fix. You can also contact via (424) 307 2638. I’m sure you’ll share your own testimony to the world as well after they are done fixing your ailing credit.

Sat, 11/10/2018 - 12:59 Permalink
Charisma Lewis (not verified)

Hi, I applied for a loan to boast up my new business about a couple of weeks ago. To my greatest surprise my score was very low of 599 and I was rejected, I almost lost with no hope until I ran into an old friend whom I explained my problem to and she introduced me to Hack West who helped her fix her bad credit. I have no choice and I decided to give them a try and they helped me to raise my credit score to 807. I had a bet with my friend I was going to reveal this company to the world if he should fix my credit score. Well here I am recommending: (HACKWEST@WRITEME.COM) for your Credit repair, Chex system and DUI fix. You can also contact via (424) 307 2638. I’m sure you’ll share your own testimony to the world as well after they are done fixing your ailing credit.

Sat, 11/10/2018 - 12:59 Permalink
Charisma Lewis (not verified)

Hi, I applied for a loan to boast up my new business about a couple of weeks ago. To my greatest surprise my score was very low of 599 and I was rejected, I almost lost with no hope until I ran into an old friend whom I explained my problem to and she introduced me to Hack West who helped her fix her bad credit. I have no choice and I decided to give them a try and they helped me to raise my credit score to 807. I had a bet with my friend I was going to reveal this company to the world if he should fix my credit score. Well here I am recommending: (HACKWEST@WRITEME.COM) for your Credit repair, Chex system and DUI fix. You can also contact via (424) 307 2638. I’m sure you’ll share your own testimony to the world as well after they are done fixing your ailing credit.

Sat, 11/10/2018 - 13:02 Permalink
Charisma Lewis (not verified)

Hi, I applied for a loan to boast up my new business about a couple of weeks ago. To my greatest surprise my score was very low of 599 and I was rejected, I almost lost with no hope until I ran into an old friend whom I explained my problem to and she introduced me to Hack West who helped her fix her bad credit. I have no choice and I decided to give them a try and they helped me to raise my credit score to 807. I had a bet with my friend I was going to reveal this company to the world if he should fix my credit score. Well here I am recommending: (HACKWEST@WRITEME.COM) for your Credit repair, Chex system and DUI fix. You can also contact via (424) 307 2638. I’m sure you’ll share your own testimony to the world as well after they are done fixing your ailing credit.

Sat, 11/10/2018 - 13:02 Permalink
Charisma Lewis (not verified)

Hi, I applied for a loan to boast up my new business about a couple of weeks ago. To my greatest surprise my score was very low of 599 and I was rejected, I almost lost with no hope until I ran into an old friend whom I explained my problem to and she introduced me to Hack West who helped her fix her bad credit. I have no choice and I decided to give them a try and they helped me to raise my credit score to 807. I had a bet with my friend I was going to reveal this company to the world if he should fix my credit score. Well here I am recommending: (HACKWEST@WRITEME.COM) for your Credit repair, Chex system and DUI fix. You can also contact via (424) 307 2638. I’m sure you’ll share your own testimony to the world as well after they are done fixing your ailing credit.

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Sat, 01/26/2019 - 20:35 Permalink