Can I get a Home loan with bad credit?

Hello,



I have bad credit at the moment, just got married and I'm trying to consider buying a house. I heard that if I put down 20% most banks will give me a loan? Just not sure how true is this? My wife has decent credit and we have the 20% to put down but we don't want to get our hopes up. Any good mortgage company to work with people with bad credit in Florida?Can I get a Home loan with bad credit?
go talk to your local credit union or bank and just see what they have to offer.



yes you will probably be able to get a loan, but it will be a small loan, and yes you will have to put a large deposit down.Can I get a Home loan with bad credit?
try
Yes. not only that, but with that much money available to you should look into programs for first time home buyers. Where in Florida are you looking to buy? Pensacola has some great homes at fantastic prices.
try putting the loan only in her name. you might get it. but yeah, if you put 20% down they might up your loan or whatever. good luck in this economy
The 20%'s a huge help. Most people before the housing collapse didn't have the funds to put down a payment.



It depends on how good your wife's credit is and your income. You can use a mortgage calculator to see how affordable the mortgage will be for you, and that will give you an idea about how confident a bank will be in giving you the loan.



I'd shoot for a 650 credit score. If you pay off your credit debt and any other small debts, it'll give you an instant credit jump. This may help.



Good luck!
Hello,



I live in the US and i really have never seen goodness shown to me this

much in my life as i am a struggling mum with three kids and i have been going

through really rough times in my life and my name is Helen

Peters and in all this hard times, a worse incident occured in my life as i

lost my job which was my only means of survival and things became really bad as

i had bills to pay and my last son suffered a knee injury incurred when he fell

from a tree house and the doctors informed me that he needed a surgical

operation for his knee so he could walk again and at this point, life was

useless to me as i have no family and no one to run to and each night, i will

sit down and cry till the break of dun until one day, i read an advert on yahoo

answers of man that stated that he could help people in my shoes with loans and

in my desperate situation, i had no choice but i had to try and so shocking and

suprising, it was like an impossibility becoming a reality, i got a loan of

$75,000 USD even with my bad credit within 48 hours and my sons surgery was done

and thank GOD it was successful and now, i am okay and living in comfort with my

kids and i said to my self, i have never ever seen this kind of wonder in life

and i decided i will tell it to the whole wild world and i need every one to

thank GOD for Mr Patrick Harvey, the man GOD used to rescue me and my family

even when all hope had been lost and gone and i will say to every one, no matter

how dark and sinful the world is today, there are still GOD fearing and reliable

people on earth and if you are in my former situation or require a loan

legitimately, i will advice you contact this loan lender and you can reach him

via patrickharvey12@yahoo.com and i want you all to pray for this man for me.
Probably because the Mortgage companies are looking for people who want to buy, more people need to buy this will rebuild the market, however, credit is tight right now, and you may pay a higher interest rate right now for your credit score being lower, the beauty is you can refinance later, if your credit improves and the interest rates are lower.

Use your 20% to get a conventional loan with no Mortgage Insurance. That will keep your payments reasonable.

Mortgage insurance protects the bank only.

Buy a home that is a little less that what you can afford.

My rule is that the payments be no more than 1 weeks paycheck. so you if earn 800.00 a week after taxes, your payments should not be more thant that.

Then you know for sure if one of you loses a job, you can still afford your home, or if one of you becomes physically unable to work. you don't risk financial bankruptcy.
Yes, with a down payment, you are a shoo in. It is actually easier to purchase a house than it is a vehicle. You have the other option to just put your wife on the loan too. However, it really will not matter w/ the money down.