does anybody know any finance companys that help people buy a house with bad credit?
Question by christinabuske2004: does anybody know any finance companys that help people buy a house with bad credit?
Best answer:
Answer by sexygyrl
http://www.ameriquestmortgage.com/index.html
What do you think? Answer below!
in todays world, most of them will, but you usually have to put down a larger down payment, and will have a higher interest rate. good luck!!!
There is no downpayment or closing cost required at all. You can even buydown your interest rate to 0%. The interest rate on the website is the one you get no matter what your score is. Good Luck
Id build my credit back up before Id buy a house. You are going to get a crappy deal and not be able to pay for it.
Most all of them. It is called subprime, you can literally get loans on a home if you are one day our of bankruptcy, no established lines of credit, 500 credit scores and up. Most companies will get you 100% financing if you can at least get to a 580 credit score. Before you attempt to get a home loan do not pull your credit more than once a month. Too many inquiries will lower your score and in the world of subprime that will pretty much determine your rate.
Argent, Delta, First Third bank, Option 1, Resmae, Decsion 1, New Century, Maribella, Countrywide b, Freemont, the list gos on and on. Bad credit is realative. Many people with bad credit can buy a house and many can’t. It is really a case by case deal. If you are over 500 FICO and have some $ $ in the bank (not much) and a decent job you can probably get a home. If you have more questions let me know.
There are other factors to consider, besides credit. Medical Bills are Over looked buy underwriting (since medical is a un-forseen event), where as credit cards, are looked at (since you purchased items on a credit card.) Also, Job time of 2 years, what collections are on your on credit report – judgements on credit report. All of these are taken in as a factor on getting a home loan. Credit can be worked on, by adding alternative credit. If you are paying regularly on a cell phone, auto insurance, rent, etc – these are called alternative credit..
All is not HOPELESS – ok – take a deep breath.
If your credit score is 500 or higher, anything is workable, with a seller second – etc the higher the credit score the better. Lenders look at the middle score…of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable….but unless a lender sees the whole picture – credit – income – job time, etc – than you will not have a “true” picture of what you can afford – Hope this helps – There are also Government programs out there, but they too are looking for job time, etc…..They are not so much looking a credit – but the other factors are taken into consideration. With a government loan – collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true….
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now – (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. – This is just a estimate – ok –
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help – especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 2-6 percent of the selling price, and you ask for 4-5 percent toward closing cost -assistance) Follow me so far??
Talk with a broker, a broker underwrites for many company’s (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a “hard” pull and it drags down your credit score.
By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only – not the final – but it does help you figure things out.
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency’s and other useful information.
I recommend finding out just how bad is bad as many lenders will work with you. With proper income documentation (pay stubs and W-2′s) and good work history, there is a good loan program out there for you. I have the ability to work with over 100 lenders nationwide and specialize in creative financing. If your interested email me tadgeman@yahoo.com and I’ll show you all your options and then you can make your best informed decision.