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3 Bumps

Getting a home loan-

any advice for someone to get a first time home loan with a not great credit score? The issue is more lack of a credit history than bad credit.

if anyone can recommend someone, I'd love advice!

Looking for a good company that people have liked, does anyone know of one? PM me if you want, thanks!

thanks!

Answer Question
 
ItsMe89

Asked by ItsMe89 at 6:07 PM on Mar. 28, 2011 in Home & Garden

Level 25 (23,130 Credits)
Answers (9)
  • In the case of a house, unlike a car, no credit is MUCH better than bad credit. You should be able to talk to a lender nad find out what you need to do, if anything, to qualify.
    But_Mommie

    Answer by But_Mommie at 6:08 PM on Mar. 28, 2011

  • that's what I mean, I was wondering if anyone could recommend a good lender, a lot of bad companies out there!
    ItsMe89

    Comment by ItsMe89 (original poster) at 6:10 PM on Mar. 28, 2011

  • I would talk to a realtor, thats who helped us find a bank that approved us.
    AshleyLynnW

    Answer by AshleyLynnW at 6:13 PM on Mar. 28, 2011

  • Go to B of A and to a local credit union. They will let you know if they have any good loan products for you.
    ImaginationMama

    Answer by ImaginationMama at 6:13 PM on Mar. 28, 2011

  • Avoid Bank of America at all costs. They have screwed several of my friends and they lost their homes.
    Anonymous

    Answer by Anonymous at 6:16 PM on Mar. 28, 2011

  • Our last two home loans have been through Bank of America. No problems here. I hate Wells Fargo though!
    JulieJacobKyle

    Answer by JulieJacobKyle at 6:33 PM on Mar. 28, 2011

  • Stay away from Chase... Deal with a local bank if not the one you already bank with and see what they can offer you..
    midnightmoma

    Answer by midnightmoma at 7:01 PM on Mar. 28, 2011

  • If I had the whole process to do over again I would have gone to one of those weekend first time home buyers seminars. We thought we were smart educated people but there is a lot to know and not a lot of people to hold your hand. Smaller banks often have better service but at the end of the day, our home loan has been bought and sold so many times we have trouble keeping up with who to send the check to. Check your state's housing and development sites because several states offer "grant" programs or rural development programs with low interest down payment loans, grants and so on. This stuff is usually not advertised and in our state only certain banks could broker those loans. It only takes a few months to improve your credit by obtaining credit. Capitol One and Discover are usually forgiving to folks with no credit history, but don't go too nuts because too big a line of credit isn't good either.
    hotelmom123

    Answer by hotelmom123 at 1:16 PM on Mar. 29, 2011

  • I h ad used a realtors advice and it went sour. She must make a commision off pple se refers. I was ticked. Plus we got a bad deal. We went with a local bank we bank at and we got treated better and got a better deal.
    Baby4us09

    Answer by Baby4us09 at 12:29 PM on Mar. 30, 2011

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