Poor Credit Mortgage Loan [mortgagerates-tips.blogspot.com]
Question by : poor credit mortgages, no money down, first time purchaser? I am married. My husband just put my name ofn the deed...not the mortgage. I want to buy the house next door, and then expand it into one home. It is a two bedroom row in lower north Philadelphia. It has been on the market before. Now it is all the way down to 34,900. I have got my debt down to 1,749 now. We have the income and all, its just the scores. Once I pay this this last amount off, they say the score still won't go up for a minute, and we want the house before it is gone. So far we are the only one who is interested, but for how long? Will anybody consider the fact that all the stuff in the credit report is paid off? I have never had a mortgage or owned a home. My husband said he is willing to refinance or whatever on his mortgage, or should I get a second mortgage under my name? Best answer for poor credit mortgages, no money down, first time purchaser?:
Answer by John T
Take your income and your husband's and go to one of the pre-qualifying web sites - how much house can you afford. Plug in the numbers and see what comes out. If the numbers look good, and you can afford the payments, consider the remodeling you will have to do to expand your house to the adjacent row. If it is still doable, then contact a loan officer and apply. If you want to do it only under your name, then you will need to have sufficient income, by yourself to pay back the debt. But 35K shouldn't be hard to do. What you could do is talk to the owner. What you'd do is seller-finance and with a chat with a lawyer, write up an agreement to pay him directly over the period of the loan.
Answer by CosmoKindra
Not sure about everything but I know when my husband and I was wanting to buy a home he had to put it in his name as I was still in school and no income from me wasn't going to help us any. He had A LOT of things on his credit report that was negative but paid off. And they still gave us a mortgage with good interest and no money down. But he also had zero debt at the time so I'm not sure if that is a factor. But even if you have negatives they will still give you a mortgage as long as they are paid off. Or at least they did in our case.. Talk to a bank and see what they think. Go to each credit bureau and make sure everything on your report is correct if something is paid off make sure it says it is paid etc. also sometimes you can make deals with the collection a gencies sometimes they will erase the trade line if you pay it right then you just have to haggle with them. Good luck! I hope I helped Edit: And by A LOT of negatives I mean like 10-15!!!
Answer by Walama
A mortgage with poor credit and no money down is like a leprechaun riding a unicorn. It doesn't exist.
Answer by P.Templeton
Your best bet is to improve your credit scores as quickly as possible. Why is your credit poor? Are there outstanding collections or anything that continues to draw your scores down? Start with pulling your credit (www.annualcreditreport.com) and be certain that everything is correct, accurate and complete. Any negatives can be disputed, if they can't verify within 30 days they need to remove the items and that will give you an immediate boost to your credit scores. If there are legitimate debts or collections then get them paid off or settled as quickly as possible. If you are settling debts then negotiate for a lower payoff and have the company agree in writing to remove the negative from your report as soon as you pay them off. Don't pay them anyt hing until thyou get the agreement in writing.
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mortgagerates-tips.blogspot.com Bad Credit Mortgages - How to Get Home Loans With Bad Credit
Today's reader question from Debra falls into the latter category: I would like to know if and where it is possible to refinance your mortgage from 5.25% down to the current low with bad credit and $ 70000 equity. Don't qualify for a loan modification ... 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. Related Poor Credit Mortgage Loan Issues
