Descent home loan with bad credit?

Found a home i want to buy worth 125000 only need a loan for 90000. Have bad credit due to past issues no bankruptcy or repossesions tho. Is it possible to get descent financing with no bull? Which comp. is most dependable with this situation? Could a bank possibly do this? I always heard banks wouldnt unless over 620 credit. Mine in mid 500's. Any help appreciated.

Descent home loan with bad credit?

The mortgage industry has been going through a huge readjustment period the past several months, especially the sub-prime sector, which your credit score would place your loan. However, since you are putting down twenty five percent you should be able to get a decent loan, but expect to pay about one and one and half percent higher interest rate. Banks would tend to steer away as they are more credit conscious and don't like long term lending, unless through their mortgage division. One thing to rememeber is to apply with several mortgage companies in your area, by telling them what you are looking for and your credit score. No your credit history and what is the cause of your lower score, and has the problem been overcome. Make them quote you their rate and ask that it be put in the form of a Good Faith Estimate and Truth in Lending format. You need to do all your shopping within a short window as most will want to run a credit report with your written authorization, which they will fax to you for your acknowledgement and return. When they run these reports within a thirty day window your score only takes one hit, as it is obvious that you are shopping and not applying five or so times for different home loans. Once you accept the offer of the mortgage lender/broker, make a written application and get a rate lock sheet, that protects your rate for at least thirty days. Sub prime companies tend to not be in control of the underwriting process, and many will come back and say we can't get what we originally thought we could, but we can do this. If it relates to your rate, stop and go to the next company as some of these mortgage people will do what is known as %26quot;Bait and Switch%26quot;. This means get the customer in and be sweet and all, establish a repore with them and then sock it to them, by saying the underwriter didn't like this or that, or their is not enough to support the appraisal, but we can still do this.

Purchasing a house is generally the biggest investment that any individual ever does on a personal basis and should be treated as such. Be specific and ask a lot of questions, and get the promises in writing.

Descent home loan with bad credit?

If you have actual $$$$ of $35,000 to put into the deal, you probably have a pretty decent shot at getting approved. Your ending Loan-To-Value (LTV) would be about 75%. If you ratio in with your debt load, I think that this can work out for you. You can IM me if I can be of further assistance.