Are there banks to give mortgages to people with bad credit?

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I am pleased with my purchase of a first home. My goal is to obtain a score of 620 credit, but I know it will take some time. I wonder if there are banks that you give credit to buy a house if you have bad credit or if there are programs that help you repair your credit on your first home to get? My best score of the three credit rating agencies is 550th The 490th worst Please help!

5 Comments
  1. Reply
    mccarthy410
    May 2, 2011 at 1:51 am

    Short of having at least 20% down and paying closing costs and mortgage insurance and over 8% interest, or finding a house you can afford to pay all cash for, I don’t see it happening. I’d work on your credit and wait. I’m sorry to tell you that, I’m in the same boat and working two jobs and the goal for me is to either put as much down as possible or buy outright. You could try FHA loans and they might work with you, but I’d concentrate on getting as much down as possible or if you can, save till you can do it all cash.

    Sorry to sound harsh, cold and cruel, but life often is and I’m just telling you the truth.

  2. Reply
    paobay
    May 2, 2011 at 2:41 am

    Find out why is your credit bad first. If you have saved money for the house,maybe to use the money to pay down some of the debt first. Check to see if the credit companies have most current informaiton, and no one has screwed up your identity, so you owe all the amount on the report. If you have a car payment, make sure the credit report show you had good payment history. You should be able to find out the self help book in the bookstore.

    Right now, if you have enough downpayment like 20%, then you might be able to get a loan. However, if you got no savings, then I doubt you will get anything. So, find out on how much you want to spend on the house, and how much money you have, then you can adjust your budget accordingly.

  3. Reply
    Jame
    May 2, 2011 at 3:25 am

    you can find it in tools on this website http://sitefinance2.notlong.com/6AAxvgb

  4. Reply
    MadMan
    May 2, 2011 at 4:15 am

    LOL! There used to be and this is what cause the biggest recession since the 1930s.

  5. Reply
    GVD
    May 2, 2011 at 5:04 am

    You are a long way away from qualifying. Lenders use the middle score, you have only given 2 but lets say the 3rd score is a 520; the median is 520 so that’s your score and it’s 100 points off. You need to look at the factors that are causing your score to be so low. I am not trying to be rude, but you almost have to try at getting a score that low. Not only are you not paying your bills, you are not paying attention. Only establishing a good paying history and waiting for the derogatory information to drop off is going to help your score improve.

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