Bad Credit Mortgage

Marvin Said:

Can i get a mortgage with bad credit and ccj history?

We Answered:

The way reputable 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 recent 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 wound 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 home's value.

Bad credit borrowers are very risky and the lender doesn't want to take a chance that you'll default and stick them with a house they cannot unload.

My advice? Wait a couple years, clean up your credit and stuff some money away. Even $50 a month stuffed into a savings account is better 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 money to lose, and you'll qualify for a better interest rate. That saves you big money in the long run.

This site may help you to compare many mortgage companies at once http://easymortgageadvisor.blogspot.com/

Hope this help,

Charlotte Said:

can i get a bad credit mortgage loan?

We Answered:

Have you contacted your mortgage holder and ask them if they can re-structure your loan?
If you have already take this one further step and contact the government agency that was set up with our tax dollars to help you.
http://makinghomeaffordable.gov/
/

Sharon Said:

How To Find The Perfect Bad Credit Mortgage Loan And Bad Credit Mortgage Company?

We Answered:

Those companies and loans are gone.

Carol Said:

UK: Getting a mortgage with bad credit rating; Making a large deposit, how much equity will I have?

We Answered:

if a property you buy is worth x dollars and u put down 25% then you have 25% equity. normally bank wont lend to u if the appraisal doesn't come out to the value of purchase price.
The lender want to protect themselves so they will make sure the value is there before lending the money.
Now if you got a great deal and appraisal came out high on property you could potentially have a greater then 25% equity position. Most likely bank will still want your 25% as they call it your skin in the game!

Christy Said:

How Will I Afford a Mortgage With Bad Credit?

We Answered:

Veryyy confused 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 debt . . . ?

Only if there are charge offs and bankruptcies can it be less than good .

Either you wait until your score comes up with time
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 charge for bad credit mortgages .

Personally , I'd give it a couple of years (if what you say is true about having NO debt) .
It will save you an additional fortune in % charges .
In the meantime , save up the 20% down so you are not wasting $$$$$$$ on PMI .

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Fernando Said:

Will I be able to get a mortgage with bad credit? I have 40K as a down pay for a $120 K house?

We Answered:

freecreditreport.hotusa.org - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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