What home lender to help someone who has bad credit to buy a house?

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If yes, you can pay the debt after taking a loan for a house, the buyer is the first and add your mortgage payment / loan? What are the lenders for you?

6 Comments
  1. Reply
    teran_realtor
    February 5, 2011 at 11:50 am

    None.

  2. Reply
    acermill
    February 5, 2011 at 12:13 pm

    No lender will do what you are asking, save for Vinnie, the corner loanshark. Since the financial meltdown of last year, you will need some level of downpayment and a credit score of at least 625 or better.

  3. Reply
    quizzard123
    February 5, 2011 at 12:23 pm

    Is this a trick question?

    First you want a loan with bad credit. So you’ve already shown you aren’t responsible enough to pay your debts. Then, you want to borrow more than the value of the house, so you can pay off other debts?

    Okay, there is a name for a lender who will help you. It’s called an insane lender, and you’d better act quickly, because he’ll be broke by this time next week.

  4. Reply
    daeve930
    February 5, 2011 at 12:38 pm

    Your first question will depend on how you define bad credit. Are we talking 625 or 500? You may be able to get a loan if your score is 625 and you have a good income and down payment, but you probably can’t get 100% financing or have a debt ratio over 35% or so. There’s not enough information available to really know.

    If your score is under 600, you probably have to wait until it’s better. Make it a sacrosanct point to pay on time every single month, even if you have to cut back on other things. ANYTHING that gets reported has to be paid timely. That’s the #1 thing you can do to help yourself here.

    As for the other question, no. There’s an FHA loan called a 203 that may let you get additional funds to do some work on the house, but no lender will give you money to consolidate debt when you buy a house. That suggests you don’t have any cash to pay them first. If you do have the cash to get rid of the debt, do that, and start saving again for a down payment.

  5. Reply
    Allan Hassing
    February 5, 2011 at 12:58 pm

    I don’t think so you can get any home lender getting you a house with bad credit.. But at the same time you have to see and discuss about how bad your credit is… So there’s a 50/50 possibility…..

  6. Reply
    layaway agent
    February 5, 2011 at 1:47 pm

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