Question by e.sillery: Is it possible to get a mortgage loan with poor credit? I filed bankruptcy about 4 years ago and my credit has been raising slowly. I pulled my credit report and found two medical collections against me that were not mine. I contacted the proper people and they agreed to remove them. Only one was removed and I have been trying for 6 months to get the other off. I have a letter stating they both were to be removed, but when applying for a mortgage online they pull my credit report and see a collection against me. My debt to income ratio is pretty low so I sould qualify for a home purchase loan, but I have been turned down by my credit union. Who offers home loans for people with credit problems? Best answer for Is it possible to get a mortgage loan with poor credit?:
Answer by bundygil
Not this week. Two weeks ago there would've been no problem.
Answer by sortaclarksville
I think the medical collection will hurt you less than the bankruptcy. You may eventually get a loan, but expect to pay around 9% or more.
Answer by Glennroid
You do not need good credit for a mortgage. As long as you have a stable job, if you put enough down, you can get a loan. Remember that you'll probably pay a higher interest rate, but also remember that the bank owns the property. Home and car loans are the easiest because there is collateral. Bank don't make money unless they loan it out. Go for it.
Answer by Mike
A month ago... maybe. But the sub-prime market has collapsed, they will not loan you money unless you have a large down payment (at least 20%) and even then, you will pay high interest.
Answer by stoptheBS
Generally speaking a bankruptcy will hang around your neck for 7 years (at a minimum). Today, our economy and the entire housing industry is in the toilet because of high risk lending practices. With the mortgage industry going through the floor and foreclosures at an all time high, these banks have firmed up the loose lending practices and continue to do so. I seriously doubt, regardless of your debt to income ratio, that any bank will be doing business with you. If they do, you can virtually guarantee the interest rate is going to be high. Save your money and continue to work on building up your credit.
Answer by pooh
have you listened to the news in the last couple of weeks? over the last few years banks have been handing out loans to just about anyone and are now getting screwed so it is getting harder and harder to get a loan, if you can wait a year or so to purchase a home you'll have an easier time getting financed because of all the forclosers the banks will want to off load these propertys.
Answer by JB
Find yourself a company that will do a manually underwritten loan. I know churchhill mortgage does them, though I am not affiliated with them in any way.
Answer by samy
yes. I found interesting information about your answer & the best options here. http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html
Answer by John
There are many home loans companies but before you go for one apply online and get free quotes and then compare and gop for the loan. With bad credit it may be a little difficult but you will get one. To know more you can visit http://www.easyhomeloans.blogspot.com
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http://leafgardenpress.com/ Bad Credit Mortgages - How to Get Home Loans With Bad Credit
Bad credit doesn't have to keep you from refinancing your mortgage, and improving your credit score can net you a lower mortgage rate. ... Don't qualify for a loan modification plan, which would take a year of grueling paperwork anyway. Debra's ... Reader Question: Can You Refinance a Mortgage with Bad Credit
Do you have poor credit and find it difficult to get approved for a mortgage loan? It is everyone's dream to have a place to call home. When you have bad credit it can severely hurt your chances of fulfilling this dream. Fortunately, there are some things you can do to get approved for a poor credit mortgage loan.
The first thing you should do if you feel you have a bad credit rating is look up your credit score. You can do this online be doing a quick search and learn your credit score within minutes. Once you know your credit score the next thing to do is to check your report for any inaccuracies or errors. If you do find any discrepancies in your report you should call the credit reporting agency.
After getting your credit score the next thing you should do is focus on improving your credit score. Start by paying off any outstanding debt like credit cards and other short term loans.
This will help reduce your debt to income ratio, thus improving your credit score. Another thing you could focus on doing is consolidating your debt. Debt consolidation means putting all of your existing debt in a single monthly payment. This would lower the interest rates you would be paying per month, which would lead to monthly savings.Another important step you can take to get a bad credit home mortgage loan approved is start saving. By saving up 5-10% for a down payment, lenders are more willing to give you a loan. This is because by having a down payment you reduce the risk that lenders bear. You are also more likely to be given a lower interest rate if you do have a down payment for the loan.
The last thing you should do before you apply for poor credit home mortgages is to ensure that you do the research.
Start online and find different lenders who are can offer different bad credit home loans. Make sure you try different lends and don't go with the first one that accepts your loan. You may be able to save a few percentage interest points if you look around. Find More Poor Credit Mortgage Loan Issues
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