Mortgage for young person with bad credit?

Hi everyone, any advice on this would be much appreciated. I've just recently turned 21, i got a 5k loan out at 19 and kept up with the repayments until 6 month ago was jobless so a bit behind but i hope to get bk up to date soon, i also got a tv and laptop on finance which i also fell behind with the repayments when i lost my job. I'm hoping in maybe a yr n half or so to look for a mortgage as the house me and my partner with our kids are in which we private rent is the dream house for us, and the landlord is looking to sell in maybe a yr :( Does any one know how to go about trying to get a mortgage with the bad credit i must have, also being so young. ThanksMortgage for young person with bad credit?
creditreport.fateback.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.Mortgage for young person with bad credit?
Having bad credit will be a major problem. If you have a large amount to put down on the property...it may or may not help.
This will take time, and cutting your expenses to the bone. I would concentrate on going to classes to improve your job situation. Do not buy anything else on credit. Try buying what you need at a thrift store, or do without. You need to have as little debt as possible to improve your credit. Most of all, be patient. You could offer the landlord a lease option, or get him to give you the ';first right of refusal'; This means he has to offer it to you before he puts it on the market.
Try and clear your credit asap and don't take out any more.



If you do decide to buy next year, ensure you have a decent sized deposit of at least 10% pref. 20% and employ the services of a mortgage broker. He/she can take your circumstances into account and find the best deal for you. However, whilst it may not be too difficult to get a mortgage especially if the market picks up, you may have to pay through the nose for it.



Good luck
It is possible to obtain a mortgage with bad credit however you will be paying a higher interest rate and it will be necessary to have a deposit - around 15% would be typical.



This is not to say that within a year or so there wont be more options available to yourself but at present it would probably be best to concentrate on getting back up to date with all your repayments and trying to repair your credit score.



When the time comes for you to look for a home loan seek mortgage advice http://www.wwfp.net/mortgage/mortgage-ad from an independent broker to ensure all of your options are explained to you in detail.



Disclaimer:

The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk

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Can a person (age 70) w/ bad credit and multiple refinances on their home be eligible for a reverse mortgage?

My 70-year-old aunt just refinanced AGAIN for a 30-year mortgage. Who expects to be paying at mortgage at 100?



Anyway, after doing some research I have learned that she has refinanced about three times and has bad credit (576 score).



I want to help her figure her way out of this. She said her son and her adopted son (who is 11) won't want her house when she's gone. So I found out about the reverse mortgage.



With these issues in mind, would she be eligible? Would that get her out of paying her mortgage 100% or only the overall loan amount ($282k), minus the amount the home is worth ($95k).



I know. This all sounds bad, but her 40-year-old son could careless about her affairs, and as her niece I want to see how I can help her out of this mess.



Unfortunately, I learned about it once all the damage was done. Also, if she is a candidate for a Reverse Mortgage, are there any cons to this concept when a house is in shambles and no one wants it once the owner is gone anyway?Can a person (age 70) w/ bad credit and multiple refinances on their home be eligible for a reverse mortgage?
I'll keep it simple.



I couldn't really follow your numbers, but the bottom lines is equity.



There must be a sufficient amount of equity in the home to qualify for a reverse mortgage. As long as she's 62 years old or older and the HOUSE qualifies, then all that other stuff doesn't matter.



Try this calculator to get an idea:



http://www.financialfreedom.com/calculat



I'm not promoting one company or program over another, but this is a quick and easy referrance that I like to use.



Once you see that she qualifies, THEN, you need to decide if a reverse mortgage is right for her.



Good Luck.



P.S. Put a ';Credit Freeze'; on her credit. This way nobody can issue her credit until she is notified (you can put your contact info for notification).Can a person (age 70) w/ bad credit and multiple refinances on their home be eligible for a reverse mortgage?
Sounds like your aunt has some real issues here. With the outstanding loan amount on a house with little equity, a reverse mortgage may not be a viable option.



Her credit is not a factor, and her age is in her favor.



Find a mortgage broker in your area who has experience with reverse mortgages to see if anything can be done for her situation.



I wish you all the best of luck.
I disagree with some theories about age and credit scores. That is not the only criteria that is taken in consideration for loans, and moreover, as the US has shown that inspections %26amp; appraisels are overrated; its the real equity that is KEY to the borrowing of funds against any chattle mortage.

So my answer to a reverse Mortgage is, if the equity is there within the structure %26amp; the enviornment is secure, you will be entilited to a percentage of the value of the home until it reaches its cap.
if she is 70 yr old how dose she owe 282k i would consult an attorney and sue the broker that con her to getting that type of mortgage, forget about the reverse mortgage,

it is base off 26% to 30% of her equity of the home the equity is gone so your out of luck.
Well with that kind of credit and multiple refi's, there's probably no equity in her home. Your numbers didn't make sense to me. She's paying high interest rates with such lousy credit. Try your local senior center for referrals to find some credit counseling and what's out there. She's made a series of really poor choices to get to where she is, and the refi's are only part of it.



If she has no equity or owes more than the home is worth, a reverse mortgage is impossible. Good Candidates for reverse mortgages are those who bought a house, paid on it , paid it off, and need some income while in retirement. The house being in shambles impacts its viability for a reverse mortgage. Relatives not wanting the home once she's gone has no impact on its eligibility, in fact is good, as the home will be sold to pay off the reverse mortgage.

Bad credit entries from 2000?

I was very stupid with credit while i was younger. I never paid on five different credit cards. There is now five years since the last activity is being reported. I want to purchase a house within the next year and cant wait the seven years that it takes. They all say paid collection or charge-off. Any ideas on how to approach the compainies so they get some money back and upgrade my account? What percentage should I offer them as a settlement. I keep hearing they sell the accounts for pennies on the dollar. Any idea how much they really get?Bad credit entries from 2000?
It is screwed up, but paying those bad loans will make your situation worse. It will kill your FICO score, becuase it will make the deliquency current. Your FICO score may have recovered since your mistakes.



You probably want to work with a mortgage broker who can look at various lenders with various programs. You will probably have to pay a little more than someone who has perfect credit. Make sure even if your rate is not great, you do not pay any points. In a couple of years when the deliquencies have dropped off your credit report, you will want to look at refinancing.Bad credit entries from 2000?
I know this might sound hard to believe, but everything VA treasures wrote to you is true. I am a mortgage broker who deals with this sort of situation every day. The first thing you should do is check your FICO scores. A mortgage broker can provide you with this information. Good luck!

Can i get a shared mortgage with possible bad credit?

Okay, i'm single and i know i'll never be able to get a house on my own. I need one thats in a ';decent'; area as i work as a police officer - no, there is no housing allowance for cops anymore. So, i decided for the next few years to build up some equity and go for a Newbuild Hombuy. I have found a property that i'm interested in and have reserved it. My problem that i'm facing now is getting a mortgage. I'm worried that i wont be able to get my share of the mortgage (拢60,000 for a 40% share) as i seem to have bad credit (they say i ';dont meet their criteria) - or thats the reason why i can never seem to get a credit card. Yet i have finance on some electricals, pay monthly car insurance, pay monthly rent which i havent missed a payment on any, so how can my credit rating be so bad? About 3 years ago i was paying off a loan, i had to switch the payments to the minimal payments, could this be whats stopping me getting credit cards and a potential mortage. i'm 26, i have no deposit eitherCan i get a shared mortgage with possible bad credit?
Hi ?When considering a mortgage, it is always a good idea to know what your options are. Don檛 jump into anything without first knowing what you are getting yourself into.



If you have bad credit, then you might want to try and work out why this is and what they know about you:



http://www.clickngomortgages.co.uk/bad-credit-mortgage-what-they-know-about-you.asp



Have you got any outstanding debts or CCJs against your name or have you ever been declared bankrupt? They can see your late payments and any problems that you might have had and how you run your account on a day to day basis. If you have paid off any debts, then make sure that these have been wiped from your information as they could still be showing and hindering your opportunities.



Have you ever voted? If you are not on the electoral roll, then they can檛 see where you live or who you live with ?vital information when money is concerned, so get on.



If you are still in the dark, then why not look at ways to improve your credit rating:



* Electoral roll; Get on it!!!



* Credit Application; be careful of applying for loads of credit in a short period of time is detrimental to your credit rating; especially if you keep getting refused credit.



* Credit Rejection - if you're rejected credit once, immediately check the files are correct. Don檛 go to the next lender and get rejected again this will have a downward spiral effect on your credit rating. Ask the lender which credit reference agency it used to assess your info, and then check it.



* Get a 'quotation search' not a 'credit search'. Ask the lender to do a 榪uotation search' and not a 榗redit search'. This means the enquiry won't have a negative impact on your credit score if it is rejected



* Stability - evidence of stability is good. Home owners rather than renters, and those who are employed rather than self-employed, tend to score more highly.



* Bills - Home phones and mobile phones on direct debt and not ';pay as you go'; will build your credit score. So will having utility bills in your name.



* History - being with the same employer, bank and current address for a while all help too - 3 years is normally good.



* Cancel unused credit cards, debts and accounts. Access to too much credit, even if it isn't used, can be a problem.



* Credit cards - No credit history means that it is more difficult for lenders to score you and you're more likely to be rejected. If you have no credit cards apply for one, it builds your credit history. Use it for 6 months to a year, spending a little every month but strictly repay it in full each month, so there's no interest cost.



* Keep up with your payments - make sure you keep up with all your payments and never over stretch yourself financially.



If you still don檛 know, then why not run a credit check on yourself. http://www.clickngomortgages.co.uk/bad-credit-mortgage-check-credit-files.asp

Once you have all of the facts, then it will be clear to you as to whether you can afford a mortgage or not and the best one for you. Good Luck.Can i get a shared mortgage with possible bad credit?
maybe difficult with no deposit and if you do go to one of those companies that deal with high risks you pay extortinate prices .
My advice to you is to wait. There's no rush. Given your current financial situation, I think the worst thing you can do is buy a house.



Instead, take the next two/three years to save some money, pay off your debts and work on qualifying for a credit card. When you get that card, play it religiously.



Don't try to put the cart before the horse- so to speak.
You can get a mortgage but you will probably pay a little more for the first year. preferred offer a subprime mortgage but you can't go to them direct so you should go to a mortgage broker. there is a magazine called on the Ladder which has information. You can download a copy at http://www.ontheladder.net

How to find a rental fast with bad credit?

Hi, I was wondering if I could get some opinions from a few people. Anything would be appreicated.



Ok, here goes. I'm really young, only 19, but have messed up my credit pretty bad. I didn't understand how credit exactly worked, and how it would effect my future. I was young and stupid. I also got an eviction within the past year. None of these things I can take back, but am working to fix my credit and learning from my mistakes. But they have gotten me into a hole that's way too deep for me to get out of for the next few years at least.



I'm living with my boyfriend in a house with some of his relatives, and the conditions have become unbearable. The people in this house are nuts and we need to get out.



The problem is my boyfriend and I both have an eviction, and poor credit. But we need to get out as soon as we can. We are good people, we don't steal or cheat or have felonies or anything, we have just ****** ourselves basically.



Is there anyway we can find a place to rent? We can afford it, but the problem is finding somewhere that will take us. I really don't want to live in someone else's house. We have already tried that.



If anyone has been in a similar situation, will you please give me some advice?



Thank you.. feel free to ask questionsHow to find a rental fast with bad credit?
Um, if you could afford it,why did you get an eviction? That's the explanation you are going to have to make to a potential landlord. Frankly, I wouldn't rent to either of you when there are plenty of other tenants out there with good histories. Plus, you are only 19, which doesn't help, because your life can change so quickly at that age and landlords want stability.



What i would do is get your credit report for free at www.annualcreditreport.com, find out what is on there that is causing the bad credit, and clean that up. At the same time, save up as much money as you can for a hefty upfront payment to a landlord. If you offer them a month's security deposit and to prepay three months rent in escrow, they might give you a chance. If you can't afford to put up four months rent, then you might as well stay where you are. If you can show a landlord a bank account with four month's rent in it, they might be persuaded to give you a chance.How to find a rental fast with bad credit?
You should have a large security deposit saved up and available. Then, a lot of your credit problems won't matter as much.
Don't know the situation that cause you to get a ding against your credit report, don't care. Here's what you need to do! You and your boyfriend! find a private owner who would be willing to work with you. You may have to provide a larger security deposit you may not you may have to only provide the first %26amp; last month's rent plus security deposit. I don't know for sure each landlord is different. Now to fix your credit situation. Get the free credit report as the other poster as mention and get those creditors (who you owe) contact information and work out a repayment plan make sure you get a final payment letter stating that your obligation has been paid in full %26amp; send a copy of that letter back in too the three credit bureas yes there are three to correct the information on your credit report so you can get on with reestablishing your credit. You've learn a valuable lesson at a young age now you know how valuable credit is once you get your credit reestablish keep it that way by paying your creditors on time and not living like the joneses live within your means. Take care!
With both of you having bad credit AND evictions in the last year on your records.. you would have to find someone who is either naive enough to not run a background check or credit check on you, or just likes to take chances..LOL



You say that you are *good people* and don't *steal or cheat*. Hmmm.. why did you get evicted? Why is your credit messed up at the ripe old age of 19? If you got evicted because you didn't pay the rent..well, that can be seen as stealing and cheating the landlord out of his rent money..same goes for whatever loans or credit cards you defaulted on.



You have to see it from a potential landlords viewpoint. You guys are high risk, and there is absolutely no guarantee you aren't going to stiff the new landlord when someone gets laid off, you break up, or things just basically get *hard*. You have a history now of abandoning your responsibilities, there are consequences for that.



The people you live with now may be crazy or driving you crazy, but it is a roof over your head.

Bad credit, decent job, single mom, $60,000 for down payment...can I get a mortgage?

I've got some bad credit due to medical debt, owe about $2000 on two open credit accounts. I'm single, four kids, good record of working as a nurse with income about $40,000/yr. I'm also a student, upgrading my nursing degree. I've just been gifted with money that I want to use to buy a house. After I pay off my current debt, I could put down maybe 60-70K and still have a little in reserve at the bank. Real estate values for what I'd need to buy for my family will probably be between 170-190K. What are the chances I'll be able to get financed (considering the good down payment) and how will that affect my interest rate?Bad credit, decent job, single mom, $60,000 for down payment...can I get a mortgage?
That is a huge down payment! I think that in this economy that now is the time to buy a house at a good interest rate. I think that your job and down payment will qualify you for a good interest rate. Once you pay off your debt it should not be a problem. Most people look at medical debt differently than credit card debt. Take your time, Shop around for good financing and continue to make good financial choices. Congrats, and good luck continuing in schoolBad credit, decent job, single mom, $60,000 for down payment...can I get a mortgage?
As a Nurse in most areas there are special loan programs set up for you. Seek out a Mortgage Broker that knows how to work with these programs. You can ask your HR or Union rep who they would recommend you use. Even with bad credit it should still be possible with the down payment you have. I would suggest that you put 20% or $38K down and keep the difference as a cushion. The lender would rather see you with reserves than an empty bank account.



Good Luck
Sounds like you have the down payment, but the credit will be scutinized with a jaundiced eye by the underwriters. Pay off your credit cards...now. Get prequalified to see what interest rate you may be offered. Again, bad credit is going to be difficult to overcome, because even though you are making a large down payment, the bank would worry about you making the payments on time. Might you find an owner contract deal? That might be easier to get. Good luck!
I'd say if you pay off your debt and put that much money down you will probably have no problem getting a mortgage, in fact you'd probably get a decent rate right now being that it's a buyers market. Make sure you get a fixed rate mortgage and not an adjustable rate.



Good luck to you.




i would say wait and improve your credit it will save you thousands
There is not enough information to answer your question.

What is your score?

What is the derog on your credit report?

How many derogs are on there?

When was the last time you were late on a payment?

The easiest thing to do is go to the bank and have a chat, fill out the paper work and away you go. Just so you know, you will have to have an approval letter from a bank before a Realtor will even show you houses.

If things don't go well at the bank, look for houses where the owner will carry the contract. They are out there and good luck.
I'd try to find a house with no mortgage and ask the seller to hold the financing. Keep $10,000 in a special savings account for emergencies so you'll never have to worry about paying on time. You should be able to get an interest rate of about 7%, which is higher than a conventional mortgage but gives the seller an incentive to do this. In a few years (as little as two), you can refinance if you can lower the rate.



For now, this will get you in the door as a homeowner while your credit record recovers. Find a good real estate agent who understands owner financing.

HELLLLPPPPPPPP!!!! Bad Credit?????

i am 17, and i graduate in 2009. People call my house everyday about paying them off for something i supposedly bought, etc. I went to the police station with my sister when i had a bank account, and we got it a police statement and had it closed, b/c someone in the bank was using my account, and someone unknown. At the time, we had a computer that wasn't virus protected, and spyware protected, and it would tell us that people could get into our computer for personal information, but my mom always figured the programs were lying trying to get money. How can i fix this? I don't want to go get a car, or try to get an apartment and be denied for something my mom cluelessly ignored. Do we tell all the people to just leave us alone, or do we get police reports for them all,???? Credit cards are in my name, and auto loans, and stuff, i have no car, and true to god, I CAN'T EVEN DRIVE!!!! How do we fix it, b/c i know this is giving me bad credit if there are loans and credit cards involved. I wanted to wait til i'm 18 to handle this, b/c i figured it would be better, but any suggestions, and comments, are welcome, no dumb ones please!!!

Thanks!!!!!HELLLLPPPPPPPP!!!! Bad Credit?????
If people are using your name to get them credit (i.e. credit cards), then yes you should go report to this police as this is called identity theft!!



You also need to contact the credit bureaus (Equifax/Transunion) and let them know that your name was fraudently being used by other people and that you are not responsible for this debt. They will red flag your credit and fix the problem (in time).



Get it sorted out now!HELLLLPPPPPPPP!!!! Bad Credit?????
OH my goodness . I am sorry to hear that. I believe you need to contact the credit bureas and let them know before it gets to late and no do not wait till u are 18 you need to do this now! So you can get everything situated before its to late. GOOD LUCK
Call the District Attorney and ask for advice. Put a freeze on your credit report(s)
I would try to sort this out before you turn 18, if you can. You should definitely go to the police and tell them about your name being used by someone else. Else you will get in trouble some time, if you aren't already.

Else you may end up needing prepaid credit cards like these: http://tinyurl.com/prepaidccs because you are getting bad credit.
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