Posted on: 27th Mar, 2013 06:13 pm
I want to purchase a family home that was appraised at 90,000.
Going to pay 54,000 for it. Just paid a mortgage on another home that needs a lot of work. It's probably will be appraised at about 20-25,000. My problem is that we have bad credit. We have one hospital bill in collections and have made several late payments on other bills. We have no car payments at this time, no credit cards. Do you think it's possible to get the loan for the house.
Going to pay 54,000 for it. Just paid a mortgage on another home that needs a lot of work. It's probably will be appraised at about 20-25,000. My problem is that we have bad credit. We have one hospital bill in collections and have made several late payments on other bills. We have no car payments at this time, no credit cards. Do you think it's possible to get the loan for the house.
Hi flyerfan!
Welcome to the forums!
With a bad credit, it won't be possible for you to get qualified for a mortgage. Of late, none of the mortgage lenders are offering loans to people with bad credit. You need to improve your credit scores and then look out for loans.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
With a bad credit, it won't be possible for you to get qualified for a mortgage. Of late, none of the mortgage lenders are offering loans to people with bad credit. You need to improve your credit scores and then look out for loans.
Feel free to ask if you've further queries.
Sussane
Welcome flyerfan,
You can check out the given page in order to know about some steps to improve your scores: http://www.mortgagefit.com/credit-rating/credit-repair.html .
You can check out the given page in order to know about some steps to improve your scores: http://www.mortgagefit.com/credit-rating/credit-repair.html .
It's a long shot, perhaps a very long shot, but there is something called crowd funding, also known as peer-to-peer loans that might help. If you have a truly compelling case sometimes private funders will overlook things banks who handle massive amounts of applications will not. Again, however, its a long shot.
With a bad credit, applying for a home loan from regular lenders and getting approved would be impossible. You can try your luck at lenders who solely cater to people with bad credit. However, you have to expect to be charged high interest rates and you have to prepare a huge down payment. If your situation permits, I would suggest that you improve and monitor your credit score first. In this way, your chances of applying to regular lenders are increased or if not, you can be charged lower interest rates by bad credit lenders.
If you plan on applying for a loan from regular lenders, then it wouldnt be possible. The best alternative is to look for lenders who offer loans for people with bad credit or sub-prime loans. Of course, you have to expect that the rates wouldt be attractive but they are your only option.
You can opt for loans with bad credit. These loans are available to those people who have bad credit to their names and would not be able to qualify for other loans easily. You can search for such loans online as well.
