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Home Loan With Bad credit – How to Get it ?

Can any one help me out in getting Home loan with Bad credit.
Thanks in Advance.

3 Comments

  1. genxfinance says:

    Well, first thing you need to do is start looking for loans. Do all of your home loan shopping at once since the multiple inquiries in a short amount of time won’t hurt your credit.

    Most of the time you’ll be contacting lenders and go through a pre-qualification process where they simply take some basic income/debt information from you and probably run your credit score to even see if they can help you. Start with the banks where you already do business, and then look for possible new lenders in your area.

    Next, you might want to look up a mortgage broker in your area. Mortgage brokers are not lenders themselves, but instead people who will take your information and shop around with many lenders to see if there are any out there who will lend to you. The broker then comes back and tells you what they found and can assist you in applying for the loan.

    Keep in mind that using a broker will cost you a little money. They might have a one-time fee up front to get the ball rolling. In addition, they are going to make a commission upon the closing of a loan should you choose to go with a loan they found. Not that it’s a bad thing, but just be aware of it so you can see how much money they are going to get and see if it’s worth it.

    Bottom line is that loans are out there even for people with bad credit, but you’ll pay for it. Whether it’s higher interest, larger down payments, or needing to use a broker to find a lender that can get you financing. But as long as you’re aware of the potential costs and know what to look out for you can still find a loan that will suit your needs without breaking the bank.

    So, to recap:

    1. Start shopping on your own with lenders you may already have a relationship with.

    2. If they can’t help you consider going with a mortgage broker as they will do much of the legwork for you and may have lenders available to service you, although at an added cost.

    3. Analyze your options to make sure you’re getting a good loan that’s affordable and covers your needs.

  2. roderick_young says:

    I don’t know any shortcuts, unfortunately. If you are conservative with your finances and pay down your debts, your credit will improve. When you can show lenders that you have been paying down your debts, they’ll be much more likely to lend to you.

  3. Usay says:

    Your going to get hit with high interest rates and higher down payments, but you can find bad credit home loans here: http://CleanCreditClinic.com/go/BadCreditLoanSources

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