Your Questions About Home Mortgage Loans With Bad Credit
Richard asks…
How can i get a home loan with bad credit?
My mom has passed and left me her home, only problem is she had a reverse mortgage on the home. My fiancee and I live in the home and would like to stay in the home. How do I keep the home?
Thank you for your answers, but isn’t their some kind of creative financing i can find?
BestLoanRateFinder.com answers:
Was the home paid off prior to the reverse mortgage? Do you have a decent amount in savings? If so you may be able to just pay back the reverse mortgae, if nto you’ll have to refi for whatever is left on the loan. Check out loanhomeonline.com/findamortgage. I dont have the best credit so had to shop around but taht site helped me find my b of a loan.
David asks…
Can I get a Home loan with bad credit?
Hello,
I have bad credit at the moment, just got married and I’m trying to consider buying a house. I heard that if I put down 20% most banks will give me a loan? Just not sure how true is this? My wife has decent credit and we have the 20% to put down but we don’t want to get our hopes up. Any good mortgage company to work with people with bad credit in Florida?
BestLoanRateFinder.com answers:
The 20%’s a huge help. Most people before the housing collapse didn’t have the funds to put down a payment.
It depends on how good your wife’s credit is and your income. You can use a mortgage calculator to see how affordable the mortgage will be for you, and that will give you an idea about how confident a bank will be in giving you the loan.
I’d shoot for a 650 credit score. If you pay off your credit debt and any other small debts, it’ll give you an instant credit jump. This may help.
Good luck!
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