Sep 06, 2007 by Answer Girl 2007 | Posted in Renting & Real Estate
Both my boyfriend and I have very, very bad credit. We have paid all of our debts off, but that still does not serve our cause.
We want to own a home and NOT rent.
How are we going to be able to get a mortgage w/ such bad credit. We do not want to be renters forever. We CAN have the means a home, but we can't get the loan.
Sorry, we are getting married. That's why we are buying a home.
Veryyy flustered here ,
If you paid all your debts ,
How can you have bad credit ?
A huge part of the FICO score is debt to income and if you have no difficulties . . . ?
Only if there are charge offs and bankruptcies can it be less than good .
Either you wait until your score comes up with in good time always
And the charge offs or bankruptcy are old history . . .
Then you can get a good rate .
OR , suck it up and pay the higher % they precept for bad credit mortgages .
Personally , I'd give it a couple of years (if what you say is true about having NO accountable) .
It will save you an additional fortune in % charges .
In the meantime , conserve up the 20% down so you are not wasting $$$$$$$ on PMI .
UK: Getting A Mortgage With Bad Credit Rating; Making A Large Deposit, How Much Equity Will I Have?
Feb 08, 2008 by VanHelsing | Posted in Renting & Real Estate
I have a very bad credit rating but a very well-founded income. I’m working on improving my credit rating (takes time), but need to take a mortgage now, as I have big dearest and my rent is around £1200, which is a waste of money. Preliminary I did qualify for a sub-prime mortgage (around 8%), with the lowest deposit of 25%; how much equity in % will I have from start?
if a mark you buy is worth x dollars and u put down 25% then you have 25% equity. normally bank wont confer to u if the appraisal doesn't come out to the value of purchase price.
The lender after to protect themselves so they will make sure the value is there before lending the money.
Now if you got a great allot and appraisal came out high on property you could potentially have a greater then 25% objectivity position. Most likely bank will still want your 25% as they call it your skin in the game!
Can I Get A Mortgage With Bad Credit And Ccj History?
Jun 11, 2009 by marquita | Posted in Personal Finance
i have bad credit and have had a ccj within the last 12months will i ever be accepted for a mortgage?
The way honourable mortgage companies are handling loans right now, I would doubt it. If your credit score is at least 700, then perhaps you could get a mortgage from a lender online. However, due to the brand-new mortgage crisis, many of the criteria that were used in the past few years to qualify borrowers, has been thrown out the window. Lenders got burned when many bad credit people walked away from their homes and bind up in foreclosure.
There is a new FHA Express mortgage available now and you may qualify for that. 3% down and you can borrow up to 95% of the untroubled b in's value.
Bad credit borrowers are very risky and the lender doesn't want to take a chance that you'll oversight and stick them with a house they cannot unload.
My advice? Wait a couple years, even up your credit and stuff some money away. Even $50 a month stuffed into a savings account is healthier than nothing. If you have a larger down payment, lenders will think that you're less likely to default if you have a good chunk of your own paper money to lose, and you'll qualify for a better interest rate. That saves you big money in the long run.
This area may help you to compare many mortgage companies at once http://easymortgageadvisor.blogspot.com/
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Veryyy flustered here ,
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