Refinance Mortgage

we have a lot of debt and would like to take out a secound mortgage. Where could I look with somewhat bad creidt? I know dont say get ur spending under control becouse we have and have cut them all up but still need to pay off.. so where could I look?

This question brought the wolves out of the closet, to be plain and precise nowhere. Question is how much equity do you have in your home? If you have less than20% then your options are pretty much nil. In todays market the subprime loan market is gone, the Alt-A is gone, and the prime is under tougher standards. If by chance you do find a loand shark, and they are out there willing to loan you money be prepared to add yourself to the milions that will be facing foreclosure in the nex few months.

$80k deposit or $80k down payment? Your answer depends on how bad your credit history is – below 620 mid, how recent the negatives on your credit report are, how much house you are trying to buy, what your income is, how much you have in reserves, etc., etc., etc. You should consider talking with a local mortgage broker and they’ll be able to answer your questions specifically. Just because you "think" you have bad credit doesn’t mean your scores are too bad. Have the mortgage broker run your credit report and go from there.

I am 21 and from the time I was 18 until I realized what I was doing I had credit cards and other small loans and one defaulted bank account on my credit. Due to a wreck, I now have alot og dr. bills on my credit because i have not settled yet with the person who ran into me. I make payments on my defaulted items and make a good amount of income now. I am ready to buy a house…. Is there a way?

Tryinthis 2 gave you really bad advice.

Buying a home is driven by three major things, Credit Scores, Debt to Income Ratio, and the property.

Your credit score is the most important thing because it will determine if you get approved and at what rate.

Your debt to income ratio will have to be less than 45%(some lenders allow 55%) meaning if you make $3,000.00/month your total monthly payments can’t exceed $1,350.00, that includes credit cards, car payments, loans and your mortgage PITI(Principal, Interest, Taxes & Insurance)

You know your income and your other debts so you can calculate how much per month you can afford for a mortgage payment.

Do you know what’s in you credit report?

If not go to www.annualcreditreport.com and get all 3 for free once per year.

Do you know your credit score?

If not go to www.myfico.com/12, it will cost you $45.00 but you will get your 3 real FICO scores(the ones the lenders use) and you can shop around and see what kind of interest rate you will get.

For example many sub-prime lenders will lend up to 100% of the value of the home with certain conditions and a credit score as low as 550. Be aware that you will pay a high interest rate and most likely will have a prepayment penalty for 2-3 years.

Also check out what real estate is doing in your area. Some areas have run up in value too fast and too much and may be due for a correction. You don’t want to be "upside down" in a house. You can’t get out of it as easily as you can a car.

Good Luck

Our scores our probably in like the 500’s and the house we are looking at is only about 35,000
I live in michigan

Few banks do micro loans, even with good credit.

The only thing that might work for your would be a VA loan, of course you need to be a vet to qualify.

I need $5,000 for home improvement. My credit is very bad. My score is 400. My home and land are only worth $40,000 and I owe $21,000. Any information is appreciated.

If you are within the income guidelines, you might qualify for a home improvement grant offered by many county governments. You have to live in the house for so long in order not to have to pay it back. Check with your local community action agency or county commissioners office. If that doesn’t work, have you tried to get refinanced through your existing mortgage company?

I own a house free and clear – valued at about 125,000

I have about $10,000 of bad debt – credit score of 490s

I want a 60,000 mortgage, which I would also completely pay off all my old bad debt (mostly education).

How should I do this? Who would give me a mortgage right now or should I get one for 15,000, pay off everything and then get the rest in about 6 months (whould they do that?)

Thanks

You will most likely need a hard money loan. Despite the responses of people sending you to their loan sites, VERY FEW if any institutional lenders will do a loan with a middle score below 500, especially as lending underwriting guidelines have tightened.

You best bet it to get a hard money loan (be cautious of the fees), pay off your debts, establish some new credit, then get an institutional loan afterwards. Assuming that you are employed and will be able to fully qualify for a loan afterwards.

Here is a great resource that helps people learn the ropes of credit recover specifically to get prepared to get a home mortgage: http://www.bankruptcymortgagebook.com

My husband and I are looking to purchase our first home, however we both have very poor credit scores (and yes I know this is bad news) but we have found a home of which we would like to purchase. The home loan would be for about $120,000, I am currently a nurse and my husband is on disability and has been for the past 10 years! We are confident that we can afford a mortgage, but really don’t want to go through the whole credit repair bit because well quite frankly it would take forever and a day to do!!! I have searched high and low for a lender that does bad credit mortgages with no good results! Does anyone know a legitimate lender who would deal with us??? Before answering, yes I realize it is not wise to have bad credit and need to borrow, but we are at odds here so please no rude answers…

Thanks in advance
To "my take on it"–I didn’t ask for your opinion on if we could handle a mortgage payment or not! My question was rather simple in asking for bad credit lenders! Thanks for your answer, however I wish you would have actually read the question before answering!

Thanks everyone for your answers (the ones who answered the question that it:-)

There are very few "bad credit" lenders anymore. Expect that IF (a big IF) you can find one, you will need 20% down and will pay a relatively high interest rate (probably in the 7.5% to 8% range). even FHA requires two years of clean credit before they will guarantee a loan.

I want to start flipping houses. I need to know everything about taking out a mortgage loan with LITTLE to BAD credit and what do you know about getting a loan on a For closer. I make 2500 a month and have the money monthly and the man power and a GREAT sales man to back me up now I just need the LOANS. PLEASE HELP!

Try http://poorcreditvisa.com

I tried the program for poorcredit with OX publishing.. it’s on the first page of this particular site. I signed up with an opening line of credit and it showed on my credit report as good standing.. Credit lines are from 5k to 10k with bad credit, they approved me!

Good Luck.

hi
i have been paying a mortgage to various lenders since 1993 and never missed a payment
however, my credit rating is now very poor and in a few months i need to renew my mortgage
i assume i will have no problem with my current lender but what about shopping around?

you always shop around no matter what your credit is like!!!

My husband and I are looking for a mortgage. This is our problem…
We were renting a very expensive farm house, and stupidly decided to help 2 family members out, and let them live with us. We ended up supporting them completely for over a year. Ultimately, this took us into financial despair.

My credit score is 499, my husbands 487. We both have full time, secure jobs, making about $100k/year.
I’m trying to clean up our credit, but am told it will take a while, is there any way we can get into a mortgage now?

We have 5% down, but there is no way we can come up with 20 – 25% down. We’re paying $1200 / mo for our Kitchener, ON apartment, and know we could have a house for that money.

We’re looking at $175 – 199k houses.

Do we have a chance? What should we do?

Thanks for any and all advice.

I’m a mortgage broker from Edmonton, Alberta. I specialize in clients that have credit issues in the past. You can contact me at my website http://albertamortgageguy.com . I may be able to help you.