I have bad credit and need a Home loan (first time home buyer) ASAP?

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I have recently been dealing with a local mortgage company and working on my credit i have currently received a loan from my grandparents and paid off about $ 10,000 worth of bad credit promising them i would pay them back with my tax credit, but unfortunatly i still have 4 things on there about $ 4000 worth, i have no way of paying those off anytime soon. My score is below 580 and i need help, to receive the tax credit i must close on the house i am in by the 30th of this month is there a company that can help me. I am tired of uprooting my family i have a 2 year old and a wife and we have had to move due to houses being sold 4 times in the last year. I have no problem making payments the house we are wanting is only $ 62,000 and with property taxes and insurance it would be the same monthly as my rent is. I have a vehicle getting paid off in Dec. which will leave me even more room for a home payment.
ok first off my mentatlity is not towards the tax credit, that was just to help pay back the “people” (my grandparents) on the money they loaned me to clear UP my credit so please don’t come in judging my intentions, i don’t care about the money, and my debt vs income leaves me roughly $ 500 extra a month right now, and will be almost $ 900 extra a month after December when my vehicle gets paid off, so i would say i am in great position to buy a house, the reason i have these things on my credit are from mistakes i made 5-7 years ago not currently, now im trying to fix these issues, and one way was to borrow money pay off the debts that i owed on, and then get the tax credit and pay my grandparents back… good idea until i hit my current snag, i raised my credit score from a 483 to a 561 so i dont think im going in the wrong direction i just need help getting past this part, i would appreciate if you would find out the whole story before saying im not in a position to do something

5 Comments
  1. Reply
    rlbendele1
    February 6, 2011 at 7:34 am

    good news and bad news. The feds may extend the time for rebates. The bad news, you will need about 2 to 3 months to close on a house for the paper work to go through. More bad news for a $ 62,000 you will need about $ 20,000 to $ 30,000 for an FHA loan or a conventional loan. Even more bad news you need a good credit rating. You may have a chance if the present owner will take back a second mortgage for the down payment. Doesn’t hurt to ask. With the bad housing market it might work. If there is broker involved they may have ideas on the local market for poor credit options. To raise your credit score you may want to use the extra money you will have in a few months to pay off the old $ 4,000.

  2. Reply
    CAtransplant
    February 6, 2011 at 8:24 am

    Correct. Even if you were to manage to get a loan it is very unlikely that you would close by the 30th.
    You seem to be driven by the home-buyer’s tax credit more than anything else. Free money is tempting, but if you can’t do it you can’t.

    It would be great to get the first time homeowner’s tax credit, but with your low credit score and liabilities you would get a loan with a higher interest rate.
    Home ownership entails a lot more expenses than renting – you will have to pay property taxes and maintenance.
    Why not move into an apartment or something not owned by a landlord in foreclosure so you don’t have to keep moving?
    Pay back your grandparents and live below your means until you can save enough of a down payment and get your credit repaired.

    You say you have no problem paying, so why is your credit score so low?
    Work on improving your credit and saving money for a down payment, until you are in a better position to be a homeowner.

  3. Reply
    HEATHER
    February 6, 2011 at 8:37 am

    You do not in any way, shape or form, need to get a house right now. Wait until you are in better control of your finances. You just borrowed $ 10K off of people and promised to pay them back with a tax credit that you don’t even know you are going to get yet! That is not fiscal responsibility. Get most of your debts paid off first, then save up a down payment and get a house.

    This is the exact mentality that is going to lead to a whole new round of foreclosures in 2-3 years. This $ 8,000 credit that does not have to be repaid is ridiculous.

  4. Reply
    Faith Walker
    February 6, 2011 at 9:21 am

    Hello, I am Faith Walker,sometime ago I was so much in need of loan I approach my bank but could get the loan from them because of my credit score so I decide to apply on line via yahoo answer I got an answer from someone who refer me to fred roland loan firm then I gave them a tryer to my greatest surprise I got the loan from them so if you need loan I will advise you to contact them via email now here is the email fredrolandloanfirm@yahoo.com

  5. Reply
    Giovanni
    February 6, 2011 at 9:27 am

    Hello,

    Getting a loan from a private loan provider isn’t about religion or nationality; it has to do with the track record, credibility, integrity and most importantly, the trustworthiness of the individual or organization in question. My name is Miss Naomi Giovanni and I am the marketing representative of the Hawkins Financial Solutions which is a private loan provider and we specialize on loans; granting loans ranging from personal loans, auto loans, student loans, mortgage or second mortgage loans, title loans, refinance, home improvement loans, inventor loans, dept consolidation, line of credit, international loans, motorcycle loans etc, with an APR of 0.95% and loan duration of up to ten years. I can provide you with a loan of any amount. If you are interested, contact me on the address below;

    Address; 82 VICTORIA STREET VICTORIA LONDON SW1 U.K

    E-mail; giovanninoemi058@gmail.com

    Tel no; +447024091961

    I hope to hear from you ASAP.

    Best regards,
    Ms Naomi Giovanni.
    Hawkins Financial Solutions.

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