I want all of a mortgage with little or bad credit know?

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I want to start flipping houses. I need everything about taking a mortgage with little credit and you know what a loan on a knowledge ADB for details. I make 2500 per month and the money each month and the power of man and a man of great success selling back to me until now I just need loans. PLEASE HELP!
I know that the economy does not stabilize the banks are more stringent by giving loans to buy property, especially with bad credit. Does anyone know if all banks to borrow money, in houses with less than perfect credit, as long as the person has a job to buy? I tried to clean up my credit card on numerous occasions, but creditors would be that my credit on the account “paid in full, but it should not call customers when they change e the fitness collections “paid as agreed” that they are not willing to help tun.Bitte

  1. Reply
    Ginee Cravens
    February 6, 2011 at 9:11 am

    Try http://poorcreditvisa.com

    I tried the program for poorcredit with OX publishing.. it’s on the first page of this particular site. I signed up with an opening line of credit and it showed on my credit report as good standing.. Credit lines are from 5k to 10k with bad credit, they approved me!

    Good Luck.

  2. Reply
    February 6, 2011 at 9:42 am

    flipping homes isnt easy, you need a great contractor, good inspection team and some cash behind you for interest for the months you own it. Start small, like with a 100,000 or less, you wont make huge money, but you wont lose BIG money. You will need about 20% down and possibly a co signer. Always buy a home in your market and know your market. Dont know part of it, know all of it. Your home inspector is huge and so is your contractor.

  3. Reply
    February 6, 2011 at 9:55 am

    Too many people taking out mortgage loans with little or bad credit have created the forclosure house mess we’re in now. Don’t start trying to purchase or flip houses until you have a large sum of money set aside to do so. There is no guarantee your flipped houses will sell, which could leave you stuck with several months of mortgage payments. So, unless you’re prepared to file bankruptcy, wait until you have good credit and a nest-egg built up.

  4. Reply
    ibu guru
    February 6, 2011 at 10:00 am

    No mortages are going to people with bad credit these days. You need good income from a job where you have a track record (2-3 years or more), good credit (700+), and 20% down. Even then, we’re finding closings being held up by banks holding up funding for mortgages they already approved.

    Money is still very tight. All that “bailout” money has dropped into the Black Hole of balance sheets devastated by unpaid debts.

  5. Reply
    Brother Otter
    February 6, 2011 at 10:55 am

    There is a common misconception about credit history. People don’t get it that credit history is a record of what happened in the past. Just because you’ve paid an account in full does not change the fact that there’ve been late payments in the past.

    Banks take a lot of factors into consideration. Someone borrowing money to buy a house is asking the bank to take a *Risk* that they (the bank) won’t get stuck with a house to try and sell; that the buyer will make their payments.
    So, “bad credit” tells the bank you have a history of not paying your bills on time. Sorry; it’s ugly sounding, but there it is. What you CAN do is go talk to a loan officer at a bank where you might like to do business and ask for their advice. Without formally applying, tell the loan officer that you’ve had trouble in the past, you are back on the Straight and Narrow, and want to know what you can do that will most quickly get your credit score up to where you can get a mortgage.

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