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How do i get a mortgage if i have credit problems?
September 30, 2009 | 3 Comments
I would love to buy my own home, but have credit problems due to divorce, how can i get around this. Has anyone out there had this experience and what did u do to get yourself a mortgage?
Comments
3 Comments so far
This can be done a few ways
A high loan to value loan can usually be done even if you have bad credit. If you put 30 percent to 40 percent down, , you providing the lender more security that you will follow through on the loan.
Another way is to get a cosigner with excellent credit, such as a relative. They can lend you there credit until your credit imporves. Once your credit improves, you can refinance and own the property on your own.
The last way is a hard money loan from an individual. These are not recommended because of the high costs and interest rates.
i know a really great broker that could probably help you…
send me a message… if you want more info… i can send you their website and answer any questions you have… the guy i know is a broker, so you may have to pay broker fees, but it’s worth it if you have credit problems because you probably won’t get approved elsewhere…
You may want to get a copy of your own credit report (free) before you do anything. Your credit may not be as bad as you think. It is well worth looking into.
Alternatively, you can apply for a mortgage and let the lender tell you what you will need to do in order to qualify – that is assuming you don’t qualify at first.
Finally, there is a list of lenders at the following link. Most of which say "Less than perfect credit OK". Give them a try.
Link: http://www.fastlender.com/loan-type/home-loan.aspx
Good luck.