Loans And Bad Credit

Posted by admin on April 28th, 2009 at 12:00am

Question:
What are some examples of the lending companies that assist with home loans and bad credit?
I currently have a credit score in the low 500s. Our family has been struggling for quite some time now. We have six kids at home, four are from past marriages. We are in the special need of owning our own house. I have recently received a promotion at my workplace which almost doubled my net income. Between the two of us working, we make approximately 80 thousand per year. Would we still get assistance with a home loan?

Answers:
Do not lose hope if are trying to buy a home. There are very many different ways to pay for a home now, a just about any person with any kind of credit can find their way into a home, no matter what their credit situation is.
Of course, a few will cost you more money over the long run, but a house is still one of the best investments that a person could make, so, in most cases, it’s definitely worth it, especially during the first year of ownership.
You should try and shop around, and talk to different lenders about what kind of programs they have, and if they are able to assist you. Try to locate a lender that focuses in bad credit mortgages. You can find some loans and bad credit mortgage lenders posted on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html

Do not tell anyone how many kids you have, because there are disposable income criteria for loans that having six kids will really mess up. Also, if you have a low 500s score, you should get used to the concept of having a down payment of at least 5 percent, which will probably increase soon given Fannie’s altered guidelines lately, and having MI in the loan, since the only way you’ll get a mortgage with that range of score is to either go with conforming, or to form a deal with the subprime lenders.

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