How can I get a loan to buy a house with bad credit?

Depends on how the bad the credit is. The magic number you're looking for is a 580 credit score, which is fairly poor credit. If you have a 580 there are lenders out there that will finance you @ 100% of the purchase price. Some will go lower, but 580 is the standard.



If you are 500-579 credit score, then you'll need to put down anywhere between 5% and 20% of the purchase price, (e.g. if your purchase price is $100,000 you'll need to put down between $5000 and $20,000.)



If you are lower than a 500 credit score, you wll not qualify for conventional financing. If you're credit is that bad, then I would suggest a lease purchase or ';rent to own'; home with a lease period of at least 1 year. Get a copy of your credit report and clean up what you can. Be sure any lease payments are made only by cancelled check, and save your cancelled checks. You'll need them when you exercise your option to buy.



Hope this helps!!!How can I get a loan to buy a house with bad credit?
You can't! They will just tell you to clean up your credit and then come see them.How can I get a loan to buy a house with bad credit?
How about LaLa Land? Won't happen . . .
The credit would have to be assessed to determine what type of bad credit is there. It can be improved quickly if you know how to dispute inaccurate information.



There are many lenders that will give you a loan as long as you have a steady job and can afford the home.



Here is some additional info. Hope this helps.
It depends on what you call bad credit. Generally speaking if you have old collections out there or maybe a repossesion or two and they happened a few years ago and you have current good standing creditors...then your credit score may be higher than you think. A good rule of thumb is you will need a 600 credit score to qualify for 100% financing as a sub prime product. Call a local mortgage broker to see if you can qualify...that is my sugestion. So often people have a credit problem or two and think it disqualifies them from ever becoming a homeowner and this simply is not true. You will not get a perfect interest rate without perfect credit, but home-ownership can be a possibility for people who have scars on their credit report.
Yes you can go to this website www.anycreditmortgage.biz, they offer mortgage for people with a credit score of 550 or high nad best of all its 100% financing.
you can also check with your city about a first time homebuyer program. some cities will even make your down payment for you!(as a loan which can end up being 0% if you live in the property for a preset minimum of years).. your city has every interest in making you a homeowner.

if your city doesn't have such a thing, consider moving to one that does!
If you take 2 minutes to fill out the free situation evaluation form at



www.totaldebtsolutionsllc.com



they may be able to recommend a mortgage company for you.
Ofcourse you will be able to !!!!!!!!!!!

Write in details at kishaloy_bhowmick@yahoo.com and will get back asap with the different options.



regards,

kish

480.751.4125

Loan Officer