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if i have poor credit would i qualify for a loan on a house?

  • May 17 2009 - Lawrence
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Answers (2)

Hi,

Unfortunately, there is no cut-and-dry answer to your question. Because each person's situation is different, and each case can be looked at differently, my suggestion to you would be to go to the bank you do business with or a local mortgage broker and talk to someone about what you'd like to do. Because they deal with the finance part of a home buying transaction, they would be best placed to give you an answer and/or set you on the right track to get to a place where you can qualify for a home loan. Good luck, and let me know if I can help.
  • May 26 2009
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It depends upon many factors.  Why is your credit score low, or why do you have bad credit?  With a low credit score and poor credit, some lenders may extend credit to you, but at a higher interest rate.  If your poor credit is due to hospital bills, a layoff or other factor beyond your control, the lender may be able to do what is called "manual underwriting" to take these situations under consideration.  In general, if your poor credit is due to your own fault, you would be better off to work on getting your credit cleaned up and then get a loan with market rates.
  • May 18 2009
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