Can I qualify for a Home Loan with Bad Credit?
I have a credit score of around 550 or so. Although I have worked as a full time firefighter for 4 years now which may help as far as job security goes. Also, I have good rental history with timely payments for over five years. My wife and I make about 100K a year combined. Her credit isn't the greatest either. Any advice would be apprecitated.
Public Comments
- Maybe you can find a owner willing to carry a contract. Banks just aren't doing many subprime loans now. You would need a huge down payment.
- HUGE downpayment is an understatement. Try 100% down.
- Why is your credit so poor? Once you find out why, then you can start to repair it. If it is because of collections or past due balances, try to pay those down/off. You will need to get your credit score up before looking for a mortgage. Why if you make 100k a year do you have bad credit? Only thing that would make sense if you weren't being irresponsible is a medical emergency. But, that doesn't excuse you when you go to get a loan...they will want those medical bills (if that is what has hurt your credit) paid off.
- You can fill out an app. but the likely-hood of you getting a loan is low, especially in the area. Why don't get your credit fixed. It would save you money on the loan you'd get
- I don't think you will have a problem. As long as you have not had a foreclosure within 2-3 (?)years. Bankruptcy must be discharged. If you both are on the loan it should work. Several factors also remain, price of the house etc. I would say go for it. I believe the senate ok'd an increased tax cut of up to 15,000 or 10% of the price of the house for homebuyers in 2009. That would be a nice down payment. It hasn't been passed yet, but it sure looks like it is on it's way. Good luck!
- You are bound to find at least one lender, Apply online and find out at: http://www.peoplesavehere.com/mortgages.html apply and get approvals/quotes for 4 lenders at a time!
