Can we get a home mortgage loan with poor credit? - mortgage poor
Soon, my husband and I are renting a house in our region and in the amount of $ 1100.00 rent per month. (This is part of the area where we are) We live looking to buy a house and believe that we (a sufficient income about 90,000 dollars) to owning a home. The problem is that our credit ratings are in the top 500th We were told we could get a mortgage, but may have an interest later. We have little debt between us and a deposit near a family member. Just wondering if anyone simulating a mortgage, the circumstances is reached?
Sunday, December 20, 2009
Mortgage Poor Can We Get A Home Mortgage Loan With Poor Credit?
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6 comments:
It is entirely possible to get a mortgage. Our rental lease for the house will expire shortly, and by curiosity, I called to see if it was possible to get a loan. My credit score is around 550, and we have a mortgage with only 3% down and 30 years receive a fixed rate of 6.625. Might think it's great, but I'm willing to block in nowf until I get my credit card, under, control. So yes, I think we should call really going on, or to contact the lenders and see what is available in your area. If you have any questions, please contact me. Good luck!
But not,
First try the notes to (know a family member or friend to notice that your credit card with a very good long story)
Try 20% share their much easier to get approval and payment of his much less
Go to a bank or credit union and not a mortgage broker (even if friends or family)
Do not start applying until you are sure you are ready.
Last go to Howard Clark. com search for mortgage
The site is very useful, especially financial nature;
But not,
First try the notes to (know a family member or friend to notice that your credit card with a very good long story)
Try 20% share their much easier to get approval and payment of his much less
Go to a bank or credit union and not a mortgage broker (even if friends or family)
Do not start applying until you are sure you are ready.
Last go to Howard Clark. com search for mortgage
The site is very useful, especially financial nature;
I do not know if this helps much, but just incase to see rising interest rates, I know that some towns for first time buyers programs that provide grants for a down payment when you take money management class. But are his words, as in our city, we must remain that the purchase of an existing home with the grant money for 5 years. and if you do not even pay! ... and the city can meet on special financing for bad credit!
Since there are many lenders, you should look for the best lender available. Some mortgage brokers have their own websites. These sites usually list its lenders and review specific packages are recommended.
But if you have bad credit, stay away from predatory mortgage lenders bad credit. This lender takes unfair advantage of the problematic situation of applicants. The 3 most notorious bad mortgage fraud are: high interest rates, forcing the closure of these values and expectations.
This is a sub-prime mortgages and it is feasible. The interest rate is higher and closing costs are higher. Beware of prepayment penalties or restrictions on the refinancing. Deleted financing is the most risky.
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