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Answers (6)
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
Depends on what defines "bad" in today's market. Instead of guessing, talk with a local lender. It should be a free conversation to have, they can go over your scores (FICO score is one of them) your credit history, debt to income ratio, and etc. If you can be pre-approved, what your limit is now and etc. If you can't, a good local lender will give you a blueprint of what to work on so that in time, you may be able to obtain a loan. Course, there are many factors that go into it, how much you can put down and etc, higher interest rate and etc. Stop wondering and guessing, talk with a local lender.
Best of luck.
Spirit
Best of luck.
Spirit
- Amy Stanley, "Amy Stanley"
- Contributions:13
You would have to talk to a lender to find out what credit rating you need to qualify for a home loan. Now days the loan qualifications have tightened and requires the buyer to repair thier "bad credit" before qualifying to purchase a home. But by doing this you will stay in your home longer and have an investment in the long run.
- wayne lancaster, "funds2"
- Contributions:1177
No and that is not "bad"........ neighborhoods in many communities are full of foreclosed homes and broken dreams when buyers with marginal credit and questionable income were loan approved and no longer own their homes. Worse yet, they will remain in financial and emotional turmoil for years.
Bad credit and homeownership is now a oxymoron, and prospective homeowners will now need to take the time to create good credit. The reward is they will be able to stay in their homes for the long term.
Bad credit and homeownership is now a oxymoron, and prospective homeowners will now need to take the time to create good credit. The reward is they will be able to stay in their homes for the long term.
- Emma Fernandez, "emmafernandez"
- Contributions:10
"Bad credit" and "good credit" are relative terms. Do you mean low FICO score, large amount of debt versus income, or recent foreclosure? Your best bet is to consult 2 or 3 mortgage professionals and then consider carefully what they suggest.
Even in today's mortgage environment, many with "bad credit" are able to get a mortgage. The issue is...at what cost? The generally-advertised rates are for those with excellent credit; those with less-than-perfect credit might be able to get a mortgage, but at a higher cost.
Be careful that you act thoughtfully and don't jump into a new mortgage at any cost!
Even in today's mortgage environment, many with "bad credit" are able to get a mortgage. The issue is...at what cost? The generally-advertised rates are for those with excellent credit; those with less-than-perfect credit might be able to get a mortgage, but at a higher cost.
Be careful that you act thoughtfully and don't jump into a new mortgage at any cost!
- Eric Bard, "Eric Bard"
- Contributions:65
When you say you have "bad credit" I assume you mean really bad. So my question to you is, why would you want to take on a mortgage when you've had recent financial difficulties, and if you were able to get a mortgage, you'd be paying a higher rate? Nevertheless, you should sit down with a professional, highly recommended mortgage broker and discuss your situation in detail. Good luck!
is it possible to get a mortgage with bad credit
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