Are ther any 1st-time loans for those with poor/fair credit, and what are the differences?

Deal Score0

I have a discharged bankruptcy (over 2 years ago) with a credit score of 605 (and continuously rising on a monthly basis). I’m looking to buy a house and wanted to know what’s out there. Adjustable vs. fixed rate? Direct lender vs. mortgage broker? 20% (around 60K in my area) or no-money down? I worked with one mortgage lender who is a total nut, pulled my credit report before we even finished talking, and won’t explain anything to me. I need help from the Central Jersey area if possible. I need serious help and the internet just isn’t enough.

5 Comments
  1. Reply
    whatevit
    April 29, 2011 at 8:53 pm

    Your credit is bad, but the lenders are more interested in the property you are buying. If you are buying a property that has a lot of equity in it (20% or more). You could get a mortgage with on down payment.

    Just concentrate on owning a property for now. Your next house can be your DREAM HOME.

  2. Reply
    jeff s
    April 29, 2011 at 9:28 pm

    the secret behind the barnkruptcy is if you have reestablished good credit since with no negative credit. if you have done that it is possible to get a mortgage.

    there are many people (bankers and brokers alike) who will try to give you a high rate sub-prime loan but if you are buying a house that is within the fha loan limits you will be able to get an fha mortgage at a competative 30 year fixed rate mortgage.

    there are no income limits (restrictions) but there is a maximum loan amount based on the county you are in. to find out the maximum loan amount you can go to http://www.hud.gov click on buying and then look for the icon that say loan limits.

    if you want help you can send me an email and i will be happy to help you or you can call 1-877-OK-MONEY for help on FHA mortgages.

    in the meantime, i wish you the best of luck

  3. Reply
    Ron B
    April 29, 2011 at 10:10 pm

    Lenders will give you a loan now, but your best bet is to wait a couple more months. Once your score is at 640 you will get a much better quote on your loan. This will also give you time to put a few dollars away and to research the areas in wich you want to live.
    As far as improving your credit, try to keep all your credit cards under 50% of thier max amount, and make your payments on time. You should also refrain from letting anymore people check your credit for a the next fw months. Having lots of checks does lower your score, but they disappear after 90 days.
    You should definately get a mortgage broker you can trust. It sounds like this guy is a little shady. Brokers are much more likely to find a program for you at decent rates. They should find out about your specific situation before telling you what you need.
    A fixed loan is not always the best option for someone. I fyou do get a variable just make sure it covers the length of time you plan to be in the home.

  4. Reply
    pattibcacl
    April 29, 2011 at 10:18 pm

    I agree get a house thats more money I,m doing that myself, good luck

  5. Reply
    Phil H
    April 29, 2011 at 10:59 pm

    Our offices are located in Jersey. We can give you credit repair and a loan. Email me at mtgofficer26@yahoo.com if your interested.

    Leave a reply

    Register New Account
    Reset Password