Poor Credit Mortgages

Posted by admin on December 14th, 2008 at 12:00am

Question:
Is it possible to obtain decent poor credit mortgages?
I have paid back all of the past due on my credit report. my credit is bad, but I currently have nothing owed.

Answers:
Yes. Do you happen to have a wealthy relative? Maybe they will give you the money.

Call the creditors and request for them to remove the negative accounts from your credit report. It would take approximately three months after they agree. Best of luck to you on getting poor credit mortgages. If this is your first home, try going with Fannie Mae foundation. Ameriquest is also decent at getting people financed.

If you have a decent down payment, the banks might take you seriously, and I do not believe it will affect your mortgage but if you really do have poor credit, why not wait a while until you can afford what you need? Just be patient.

This is a real story. The method in which I bought the home I currently live in is that I went to a bank to obtain a car loan, and they denied me. I went to another bank, and they issued me the money to buy the home that I’m living in now. It happened to be my Christmas present to myself, and I paid for it two years early by paying 25 dollars extra each month.

You can almost every time obtain a mortgage as lenders think you will let credit cards and other debts slide to make payments on your mortgage first. You might need to carry PMI, or private mortgage insurance at the start and your interest will be larger than most. Look around and locate a mortgage broker willing to cooperate with you. Best of luck to you.

You would probably experience a higher interest rate on the poor credit mortgages at first. Focus on selling the first home for a profit, paying for that mortgage while greatly improving your credit.
At that time, you’ll have a much better chance at getting a “good mortgage”.

Under Poor Credit Questions