Poor Credit Mortgage

I postd on your original request but will add alittle more here.  A small loan w/ poor credit will need to be a cash lender ...... expect to pay a much higher interest rate to compensate the lender for the risk. Could be a local bank with a co-signer (which I do not endorse) or small investmen group.

What are the circumstances for the "need" besides buying?  What area? You didn't leave enough info for a more detailed reply. Poor or no credit can be offset with good job and income.  Without sufficient income there is no chance.

nj,

The simple reality of your hurdle in obtaining financing is this, simple and straightforward and hopefully not too blunt sounding explanation:  The answer is in your words, 3,4,5,6.  do not have good credit.. and you are seeking more "credit".  That is the entire problem and solution itself.  I am unaware as to your past repayment problems, but that is what lenders really look at:  we are in teh lending buisness and need to feel confident that our money + a return of some sort based upin the risk happens.  If you have taken money in the past and never repaid it, it won't matter what anyone says here as if the pattern doesn't change, you will not repay this "loan" as well.  WT stated as well, this is an uphill climb.. Baby Steps...  Save $500... deposit with bank... get "secured Visa' for 1 year... pay perfectly... get a swallowable loan with decent terms (rte) or you will never escape the AMSCOT/BUY HER PAY HERE syndrome.  DO not settle for SHARK TERMS... build slowly and you can do it.  2 biggest items financed that kiil poor credit peeps.. cars/homes.  We all payCC rates for CC..  We just don't pay CC rates for homes/cars.  Keep rockin'.

Private Money is probably your only option if it is an immediate need.  More details are necessary.  If you have collateral (house, car, boat, etc) with equity, you might be able to get credit from a Private Party as long as you understand your collateral would be at risk. 

If you have neither good credit nor collateral, no loan.

We do private money/bailout loans.  (Our cash)

Is the 22k a first mortgage or a second?  (Copy of the note and VOM required for a second)

What terms are you looking for?

Thanx, Danny

Njerij, if you only need $22k it looks like you're sitting on a decent amount of cash and just need rustle up enough money to finish the purchase. I was in almost the exact same situation as you when I attempted to buy my first home a few months ago. I live in a country where mortgages, and credit in general, are almost impossible to obtain for non-citizens. I was about 85% of the way to having the purchase price, but needed a small loan to bridge that gap.



If you just want a 5 year mortgage for the last $22k of a much larger purchase, you might be able to talk your bank into working with you, though you'll have to concede a high interest rate. Stop thinking about the almighty FICO score and look at your personal relationship with your bank. Do you get your salary directly deposited there? Is your credit score low simply because of a lack of experience, fluky unexpected expenses, or actual irresponsibility from yourself? If it's not the latter, you might be surprised what can happen.



In my case, my local (non-US) bank looked at my long relationship with them and my direct deposit, and offered to increase my credit line to $20k at 8.0%, with no loan origination fees. Then my US bank, where I have some savings sitting around, made almost the same offer, only for $40k at 9.9%!



Offers like these, while they carry scary interest rates, can be the difference between renting and getting into your own home. Once you stop having to pay rent, you can pay down the loans very easily. If you were paying $1000 per month to rent and then bought a home, even with property taxes/condo fees/etc. you could pay back the $22k in just over two years.



And the interest rates look even better when you consider that there ar no hidden fees, origination fees, mandatory life insurance, and all the other nonsense that comes with a mortgage!