Q&A: Does anybody know of any companys that will finance homes with no or bad credit?
Question by bwarren1979: Does anybody know of any companys that will finance homes with no or bad credit?
Best answer:
Answer by Lisa
You can try Country Wide home loans but chances are that even they won’t qualify someone with little or bad credit anymore.
That is why the market is the way it is right now, people that shouldn’t have qualified for mortgages that are now in default.
Know better? Leave your own answer in the comments!
I doubt many companies will take questionable credit in this economy, but keep looking.
How do you plan to pay for the mortgage? How much do you have to put down? How much cash reserves will you have after buying? These are questions to answer.
The rules are changing because of predatory lending which has caused the housing crisis that our nation’s currently in but there are or at least were lenders who lent to buyers facing that challenge.
These companies would probably consider you a “sub-prime” loan and your interest rate would be higher than average. Educate yourself on the different type of loans available prior to starting the process. Best of luck! =)
It appears that the whole sub prime mortgage problem has arisen because too many lenders have been doing just this, and then selling the mortgages to investors as asset backed securities. Some how they have even managed to get insurance from insurers who have not had much money to cover the risks.
Look around, there are probably a few or those SOBs out there still.