Possible ways to get a loan with bad credit history

Submitted by alexandria_1 on Fri, 11/16/2007 - 17:56

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 of cleaning credit history so that I can get another loan and meet the requirement of owning a house?What do you mean by debt repair? Any suggestions? Thanks!

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.

Sat, 11/17/2007 - 04:53 Permalink

What is your score Alexandria? I think you should consult with a credit repair attorney and take advice from him/her.

Sat, 11/17/2007 - 04:54 Permalink

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.

Sat, 11/17/2007 - 13:13 Permalink

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!

Sat, 11/17/2007 - 14:41 Permalink

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.

Fri, 01/11/2008 - 22:58 Permalink

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...

Sat, 01/12/2008 - 06:37 Permalink

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

Sat, 01/12/2008 - 17:13 Permalink

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?

Mon, 01/14/2008 - 21:19 Permalink

That could be true. Some banks don't, it all depends on what type of bank it is.

Thu, 01/31/2008 - 20:18 Permalink

do you have anything else to put up for collateral in oder to get the loan?

Thu, 01/31/2008 - 20:25 Permalink

Usually it is the home that is kept as collateral.

Fri, 02/01/2008 - 07:28 Permalink