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trying to buy a house

I have bad credit but most of it is 6 yrs or more old my husbands is okay but not perfect. Has anyone been approved for any kind of home loan. Don't know if I should even try to apply for one. Some one any hope?????????/

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Anonymous

Asked by Anonymous at 2:53 AM on Apr. 6, 2009 in Money & Work

Answers (4)
  • I'm sure alot of people have been approved in your situation. But i worked at a mortgage company that approved all kinds of loans and I'm sure alot of those people are in foreclosure now. Just being approved doesnt mean you should be buying..it means a mortgage officer gets a check. I recommend saving a nice down payment, paying off major debt, and taking your time. Its just a wise thing to do.
    MamaChamp

    Answer by MamaChamp at 3:10 AM on Apr. 6, 2009

  • wait another year. when i went to get a loan for mine.. anything older than 7 years didn't seem to concern them. In the meantime.. try to straighten ur credit out.
    4xmommy2008

    Answer by 4xmommy2008 at 3:29 AM on Apr. 6, 2009

  • Remember too, that the better your credit, the better interest rate you would be offered. It doesn't hurt to call your own bank, who would know you better, just to ask questions. But first, I would be sure and know that you are ready to take on that kind of obligation. Unless you are comfortable with the rent you are paying now, AND able to set aside savings (to get used to paying more for the additional areas that come from owning), then you might not be in a good place to loan.

    I have watched banks over qual people for home loans for over 20 years. At this point, banks are being over careful. You could try looking for a home that is lease to own. You would make payments like you are renting with the availability to get out if you can't afford the home, or end up not preferring the area, and at the same time, the lease payments could help you purchase the home.
    lifeasinoit

    Answer by lifeasinoit at 9:03 AM on Apr. 6, 2009

  • I would never lease to own unless you have a carefully written out contract stating exactly so and be specific with the money amounts that go towards a down payment or earnest money.
    If you have bad credit, you may want to spend the next 2 years cleaning it up to perfection before buying a home. Or you can try HUD, or first time home buyer programs. Check your local HUD office and talk with a counselor on what they can do to get you into a foreclosed or vacant home.
    Mortgage companies are now requiring as much as 20% down and credit scores of at least 720.
    What some people think is bad credit, is a totally different scenario than what you may consider bad credit.
    Anonymous

    Answer by Anonymous at 10:30 AM on Apr. 6, 2009

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