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how to be financed for a home with bad credit?
im getting a little irritated. ive been trying to get pre approved for a loan so i can look for a home. i dont want anything crazy. Im willing to work with people to fix my debt to income ratio like bundling my truck into the house payment but i still havent heard back from anybody... not even a no. my credit is bad.. i wont lie about that its about 480 but i dont know where to turn.
6 Antworten
- LandlordLv 7vor 9 JahrenBeste Antwort
No matter how many times you ask us there is no bank that will touch you at 480. You WILL default, that is really obvious. It sounds like you have a debt problem too, making even a worse risk, if that is possible.
Turn to family, ones that will not be harmed when you refuse to repay the "loan". If you were honest you would tell them up front. "I want you to give me this money, I have no intention of repaying it." But I bet you aren't all that honest, honest people pay their debts.
- moniqueLv 7vor 9 Jahren
A credit score of 480 is considered very "poor", so mortgage lenders will not lend you money because individuals with lower credit scores may be less likely to be able to afford their mortgage. You would really benefit from paying for your FICO score from one of the credit bureaus, and sit down and follow the advice the FICO report gives you to improve your credit report. It may take you several years depending on what made your score so low, before your credit score improves. It does take time. No legit mortgage lender will loan you money for a mortgage at this point. While it may be frustrating to you...........you have time on your side to make the changes to get your credit higher so it is not considered "very poor".
"A FICO score of about 500-520 is generally the minimum that will qualify for a mortgage." http://www.bankrate.com/finance/financial-literacy...
"760 and up is considered to be excellent and requires a long credit history with on-time payments and the right types of credit combined with low amounts of overall dept. 700-759 is considered very good, while 600-699 is considered good. 620-659 would be considered “not good,” 580-619 is “poor”, and 579 and below is “very poor.” The lowest credit scores on the scale go to people with major negative financial events like bankruptcy on their records." http://www.creditreport.org/the-credit-score-scale...
- ALRLv 5vor 9 Jahren
You need to improve your credit score before you will qualify for a home loan. Especially in this economy, it is very difficult to get a bank loan without good credit.
Neither a bank nor a mortgage company will add your truck payment into your house payment. If you are living in substandard housing, you can apply with Habit for Humanity but there is a long waiting list especially since so many people lost their homes in Hurricane Sandy not to mention the people in New Orleans who still have housing problems related to Hurricane Katrina.
You need to be careful of companies that claim they can "fix" your credit score. For the most part, they are scams. There are some non-profit resources that can help but in some cases working with those companies isn't a positive when a loan officer reviews your credit score. A legitimate non-profit company will reduce your debt so you aren't repaying your creditors in full and to obtain a home loan you need to have paid your creditors in full. The best option is to improve your credit on your own. If you need help developing a budget, contact your local United Way. The main office will direct to which agency in your area helps with family budgeting.
If you can develop a monthly budget on your own, then start re-building your credit now.
Start by paying all bill on time. Paying your bills using your bank's Internet bill pay service is the easiest way to be sure you don't make a late payment because you can set it up so you receive an electronic bill so you aren't sorting through a lot of paper. Also, set up whatever bills possible on automatic deduction. This is the perfect way to make sure loans like your truck loan are always paid on time. If you set up this automatic payments, be sure you deposit enough money to pay all your bills. Automatic payments can be set up through your creditor or often through your bank's bill pay service. If you use your bank's bill pay service, you have more control since you can cancel an automatic payment with one visit to your bank's website. If your automatic payment is set up through your creditor, it can take 30 - 60 days to change or stop an authorized automatic payment.
Late credit card payments and auto/truck payments have an immediate negative impact on your credit score. If you have too much debt in relation to your income (debt to income ratio), pay off credit cards or loans with the lowest balance first (while making the minimum payment plus $1 on your other credit cards) so your number of creditors are reduced.
If you have medical bills you are unable to pay, contact the provider and tell them how much you can pay each month. Since most health care providers do not charge interest, you need to pay more on your credit card bills than you do to health care providers. DO NOT PAY MEDICAL BILLS WITH CREDIT CARDS WITH HIGH INTEREST RATES REGARDLESS OF THEIR SUGGESTION TO DO SO. Even though you might be making a small payment be sure not to miss a payment because they will send you too a collection credit agency which will also have a negative impact on your credit score.
- Jeff TLv 6vor 9 Jahren
Walk away. That house is going to end up owning you, not the other way around.
To make sure hour new home is a blessing and not a curse, there are three things you need in order to buy a house:
1) cash. Enough to pay off all your other debts. Then pay them all off.
2) cash. Enough to cover the big emergencies, such as losing your job and the air conditioner died the next day. Minimum six months expensed.
3) cash. On top of the emergency fund, 20% down. That big down payment is your insurance against the mortgage going underwater.
Until then, rent the cheapest place you can tolerate.
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- SlickterpLv 7vor 9 Jahren
480 score, you can't get a mortgage, period. Debt to income ratio isn't what's hurting you, it's your terrible score. 640 minimum.
Start paying yoru bills off and paying them on time, then let your score go up and try again in a year or so.
- chatsplasLv 7vor 9 Jahren
FIRST you repair your credit
You've been denied, so pull a free credit report
Contest anything erroneous
Second, pay off all delinquencies
Third pay down all credit card balances, paying 3-5 times minimums
STOP using credit cards totally
Live within your means
PAY all bills in full and on time. . . . .every month. . . .you repair your credit the same way you trashed it, one month, one payment at a time. In 6 months you might push your rating above 500, in a year, you might be at 600, and in 18-24 months, you may be ready to buy
SAVE, save, save for your down payment. . . .MORE is better, the more your down payment, the better your chances of loan approval. . . .putting down 20% avoids substantial extra costs of PMI
JUST because you WANT something, doesn't mean you can or should have it. Getting irritated is irrelevant and ridiculous.
Quelle(n): At 480, you won't qualify. . . .period. . . .IF YOU WANT a house, you can make it happen, but you will have to WORK at it. It's NOT your debt ratio, it's the whole package of you, which shows a pattern of fiscal mismanagement, making lenders think you a LOUSY risk for loan repayment - ?Lv 7vor 9 Jahren
No lender will consider you for a mortgage.
You don't qualify and need to forget buying a home till you fix your credit.
Even if your score was 780 you cannot bundle your truck loan into a mortgage.
Go to the library and borrow some books on buying a house and learn what you need to do.