do you know of any one who will finance for us

we are in need of some one to finance a home for us. we can get 10% down

smurf, you will probably get someone to let you know you can get financing right now. i would advise you to pass up the opportunity at this time, and go to work on boosting your credit scores.

in order to do that, you're going to have to get a good look at what is causing such low scores (as if you didn't know). you'll have to make an effort to repay any and all debt that appears, as quickly as possible.

you'll also be well-advised to begin saving even more money. actually, you can make a purchase with as little as 3% down using fha financing, but you'll have to have a good recent track record as far as making your payments on debt.

to be realistic, you are going to need a mid-500 score at the very least to meet most lenders' guidelines, along with suitable income and assets.

my best advice - wait a while and get your house in order before you try to go out and make a purchase.

Hi smurf,

Welcome the forum.

George has given you good suggestions. You will not get approved with 400 or 500 FICO score for a good rate and term. Wait a bit and improve your credit first. It is very important whether you can afford or not a mortgage. So saving money and at the same time improving you credit should be your first goal now to get approved for mortgage.

Feel free to ask if you have any further questions.

Best of luck,
Larry

your rate will be high with scores like that, believe me i know, if you do get into a home you can do what we did. suffer out the high rate, make your payments on time and then refinance, we paid the high rate for a little over two years. work on your credit while making the mortgage payments on time. goodluck

or you can not buy and work on your credit as others here have suggested.

This is how my husband and I started to. His credit was forever being tarnishes by his fathers because of the same name dilemma. We started getting a couple loans with higher rates at the bank we had our own accounts through. They helped us get off some of the incoorect marks on his credit and since they had knowledge of the situation they were able to later start getting us better rates through their (our) bank. They made a note under his name summarizing the situation and now when they call for a loan approval we have no problem.

Yes banks and lenders do help you repair your credit and there are many lenders who offer it for free. That's what I've heard from my cousin who's taken out a mortgage recently and he happened to meet some lenders for this.

Great news, thanks for sharing, it is good for people to have a second chance, one never knows what puts people in the situations that they end up in, Hopefully things will work out for you soon.

George does have a great point.

Getting that score is crucial to be a key player in getting a good rate and term for you. What would be best is to do what you can to get your credit score up. If its tied up in balances in debts, that can be resolved if you can already obtain that 10% down. I would say to invest in yourself by paying off your debts, raising your credit score, and going through an FHA approved mortgage when you are ready with a better score.

Good Luck, and welcome.

You hear alot about FHA loans these days. Hopefully that could be an option.

I don't know much about the FHA loans, I just know that if I can get and keep my crap together for a year straight that I can use a va lender and finally use some of my veteran benefits to my advantage. I had everything squared away and then slipped up a little. I will be catching up here in the next week or two, and try like hell not to slip up again.

The subject of credit scoring has become an increasingly hot topic, and for good reason. For many years, the general public only associated the concept of credit scoring with the need to purchase high-ticket items such as a new car or a home. Today, credit scoring goes much further. Your credit score can affect your ability to get a good rate on commodities such as car insurance, cell phones, or even determine whether or not you get the job that you want. Indeed, the financial snapshot provided by the credit score has also become a gauge for many employers, especially those who seek to place employees in a position of financial responsibility. That's why having our company by your side keeping up to date with the credit scoring model is so important today. With our staff of trained professionals you will have the insight it takes to clear up your credit and start moving forward in important financial decisions.
And if you are in the market of buying a home we help our clients at no cost.

[Link deactivated as pre the forum rules]

I've found a couple of great companies that actually are good at boosting credit scores and at keeping the credit score up! :)

great points made malissa harris, the credit score can affect a lot more than just a loan, it can affect employment offers also.

I have seen on the other forums that the medical doctors have been checking credit scores also, I would hope that they would not determine on wether to give someone emergency care by their credit score.

I have seen personally how credit effects a persons daily life. It really does matter in sooo many ways. If I was the OP I would wait and work on my score. A mortgage is usually a very long standing bill, sometimes thirty years. Why not wait and bring up your score so that you can get a better rate.

Yup credit can make a difference of 100 to 150 bases points on your mortgage.