Question by bakedflourchild1969: How do I get a home loan approval?
I have bad credit. No credit card debt. Just various debts that are 6 plus years old. I have no savings, so would have to be 100 percent financed. Everyone tells me that first time home buyers can get loans easy, but every realtor I have tried to get a home loan through says no. Is there some lending agency that can help me?
Best answer:
Answer by wizjp
Try the FHA
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6 Comments Received
Anything over 7 years old should fall off your credit.. you may have to wait. pull your credit report from AnnualCreditReport.com for free. request anything over 7 years be removed.. you prob will not qualify for zero down. put some money down to increase your chances
Your credit will be cleared after 7 years has passed. I know people say it wont but my husband and I had large debts on our credit from back when we didnt have insurance and we had terrible credit and after seven yrs both of our credit reports were wiped clean and we got a fresh start. We were turned down too when we had bad credit. Whatever you do DONT use a non reputable lender just because they will approve you, you will be sorry in the end. Just wait another yr or two until your credit is clean and in the meantime dont accrue anymore credit card debt. When our credit was clean we got approved for a first time buyer loan with absolutely no money down with an apr. of 6.4 percent. Just be patient and it will happen!
Not at the present time. Since the recent wave of foreclosures struck, lenders have considerably tightened their requirements to be approved for a mortgage, especially one with 100% LTV.
However, you should be inquiring of a mortgage broker and not a realtor for assistance in checking out available financing. There may be specific programs for which you may qualify.
As long as your credit is above 500 it is possible. The subprime lending industry has fallen apart, but the FHA has a program that will finance first time homebuyers up to 100. I have done 3 loans for people in the past two months with bad credit through them.
Your best bet is to talk to a mortgage broker who also specializes in credit repair. Contact me if you like I can help.
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn’t stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.
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