Real Estate and Home Mortgages - Seeking a loan with bad credit history!
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logan_flores
11-28-07, 10:36 AM
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 that I get another loan and meet the requirement of owning a house? Any suggestions? Thanks!
DIYaddict
11-28-07, 11:26 AM
Welcome to the DoItYourself.com forums logan :)
You should definitely talk to a Lender or Broker regarding this. I'm sure you have your reasons for your bad credit. It might not be as bad as you think. If you don't talk to anyone and let someone talk you and walk you through your credit, you will never know. Even if you can't get a loan, you will find out ways to improve your credit and/or clean it up. You might want to ask about FHA loans.
If, for instance you've had a period of time of having financial difficulty in the past maybe because of a car accident and you had to be hospitalized (just an example), doesn't mean your credit is unacceptable. Basically, could it have been far beyond your control? If you have shown and maintained a good payment record since and can prove it, you may have an opportunity to get a home loan.
You should definitely talk to a Lender or Broker regarding this. I'm sure you have your reasons for your bad credit. It might not be as bad as you think. If you don't talk to anyone and let someone talk you and walk you through your credit, you will never know. Even if you can't get a loan, you will find out ways to improve your credit and/or clean it up. You might want to ask about FHA loans.
If, for instance you've had a period of time of having financial difficulty in the past maybe because of a car accident and you had to be hospitalized (just an example), doesn't mean your credit is unacceptable. Basically, could it have been far beyond your control? If you have shown and maintained a good payment record since and can prove it, you may have an opportunity to get a home loan.
Family Guy
11-29-07, 08:55 AM
You don't need to find someone to simply get you a loan in your condition. You need someone who will *coach you* through this and THEN get you a good loan. There are people willing to do this, but it's on you to actually take the advice, work on your plan and improve your situation.
The last thing you need is to take a bad credit situation, which always brings stress along with it, and dump a bad, high interest, risky mortgage on top. That's dumping fuel on a fire.
#1: Identify what your credit issues are. First thing I tell people: don't tell me you have bad credit, tell me WHY your credit is bad. What's wrong in there? That's how we get started. Don't be embarrassed, you're the one trying to actually deal with it, and that says a lot for you. **Credit does not reflect a person's character.** Bad things happen to good people, and plenty of jerks have stellar credit. ;)
#2: Work out a plan to fix your problem. See this thread:
http://forum.doityourself.com/showthread.php?t=318967
#3: Once complete, shop for the best mortgage among good, solid mortgage products. Then YOU are the one controlling the situation, not some scumbucket trying to make a ton of money while putting you through hell with a horrible loan.
Do it right the first time. Do not take what you can get for now assuming things will be better later and you can refi. If anyone tells you that plan, kick them in the.....knee...and RUN.
Beware desperate mortgage originators in this horrible market.
The last thing you need is to take a bad credit situation, which always brings stress along with it, and dump a bad, high interest, risky mortgage on top. That's dumping fuel on a fire.
#1: Identify what your credit issues are. First thing I tell people: don't tell me you have bad credit, tell me WHY your credit is bad. What's wrong in there? That's how we get started. Don't be embarrassed, you're the one trying to actually deal with it, and that says a lot for you. **Credit does not reflect a person's character.** Bad things happen to good people, and plenty of jerks have stellar credit. ;)
#2: Work out a plan to fix your problem. See this thread:
http://forum.doityourself.com/showthread.php?t=318967
#3: Once complete, shop for the best mortgage among good, solid mortgage products. Then YOU are the one controlling the situation, not some scumbucket trying to make a ton of money while putting you through hell with a horrible loan.
Do it right the first time. Do not take what you can get for now assuming things will be better later and you can refi. If anyone tells you that plan, kick them in the.....knee...and RUN.
Beware desperate mortgage originators in this horrible market.