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how to get a home loan with not so perfect credit in g.a?

last year my husband and i fell behind on our home payment we luckly sold the home in august. when we went to buy another home they told us we had to wait 1 year with no late payments on our credit. so august is comming up but his credit is still below a 620( what you need in g.a to get a loan) does anyone have any tips or know banks that give loans with a lower credit score?


Asked by Anonymous at 9:10 AM on May. 17, 2010 in Money & Work

This question is closed.
Answers (5)
  • If you can, see if you alone can qualify for the loan. I know when we bought a car a few years ago we didn't qualify, but when they tried with just my DH, he qualified. If you qualify for a loan by yourself, it may be a lower amount, so you will have to get a smaller house. But after you have been there for a while and your husband's credit score has 'recovered', you both can try again for the size of house that is a better fit. I have seen ads on tv that say they give home loans to those who have declined by other lenders. I am sorry, I didn't pay attention to the name of the company. A realator may be able to point you to places to try. Prequalify to know what you can look at, instead of guessing what you can get a loan for. In this economy, lenders are looking very tough at all potential loans they are going to make

    Answer by nova.mommy at 10:57 AM on May. 17, 2010

  • what is g.a.?

    Answer by VeronicaLee at 9:47 AM on May. 17, 2010

  • what is g.a.?

    IDK. Maybe She meant GA, as in the state Georgia?

    Answer by Anonymous at 9:49 AM on May. 17, 2010

  • I'd go to a small independent bank. It also helps if you have a larger downpayment than the minimum required.

    Answer by admckenzie at 10:01 AM on May. 17, 2010

  • Good luck. WHen you miss mortgage payments you will have a tough time. Rent for a year and consult a banker and they will help advise you about raising ypur credit score. ALways make payments on time. If you can't, you are out of luck. I am a retired banker...I hope you get help!

    Answer by Anonymous at 10:38 AM on May. 17, 2010