Profile picture for Frogface1984

If you have bad credit how can yopu get aproved for a home loan?

i am living in a home with the option to buy.  I am trying to save money to fix my credit as well as my fiancees credit. but we would like to try to purchas this home befor we do any major remodeling to it, making the value of it to increase.  not sure what we can do or who we can get to help.
  • November 07 2010 - Hampton
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Answers (5)

Talk to a reputable lender. Your credit might not be as bad as you think. They can guide you from there. Secondly, when you are able to get a mortgage talk to a realtor about homes in your area before jumping into this option. Make an informed decision. Also your realtor can guide you to a reputable lender.
  • November 08 2010
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The best thing you can do is contact a local loan officer from your area from a reputable company. They will pull your credit information and from a lender stand point tell you exactly what you need to repair in order to qualify for a loan. This will actually save you a lot of guess work. A great loan officer will stick with you from beginning to end, and it can take a short amount of time, or a long period of time, but by working with the lender on your credit you will be given the recipe for sucess from their point of view versus someone how is not looking at your ability to buy a home. This is important because loan officers work with mulitple programs that have different underwriting criteria.

Try calling Shawna Becker at Bank of America at [contact info removed by moderator], you'll be glad you did!
  • November 08 2010
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First, credit repair counseling services can actually HURT your credit as many credit grantors treat your use of their services as tantamount to Bankruptcy. Be careful before working with them.

The answer to your question about qualifying now for a loan will require much more information than you have listed here. Find a great lender that can look over your situation, and give you a plan either to proceed to the actual purchase of the home IF you qualify now, or set up a program to fix your credit so you can close sometime down the road!

Best wishes, Jim, Home Savings of America, Chantilly.
  • November 08 2010
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Profile picture for SteadyState
Right now you pay a rent to the landlord and the home is his problem - including repair and taxes. You want to pay rent to the bank and make the home your problem - including repairs and taxes. Why?
  • November 07 2010
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There are credit counselors who could guide you through rebuilding your credit.  I would speak with some lenders i ur area and see if they provide this service or if they can recommend someone who does.

After they look into your situation, they can give you an ideawhat to do and how long it will take.  Hopefully you can complete it before your option expires.  If not, you can always ask the owner of the home to extend your option.

I wish you a speedy credit recovery.
  • November 07 2010
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