Hello. Im curious if anyone knows of lenders that work with people with not so good credit. We are in the situation of needing a place to live, with options of renting or buying. Mathematically speaking, renting a house in this area is ridiculously expensive, totaling near $9600 a year just in rent alone, while buying a home, even with 12% or higher interest, tallies out to be roughly $3600 a year (not counting property tax and insurance). Homes here are so cheap, it seems almost pointless to rent. Many very nice homes are going for $35,000 to $45,000. So my question is this. Who out there helps people in bad credit situations get a home, be it high interest loans or not? Any answers to this would be greatly appreciated. Thank you ~Randy
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You’re going to get a few B.S. spammers who will tell you to go to a website or call them for a loan, but I can tell you right now that NO real reputable lender can make any risky loans at this time and in this economy. Granted the buying time is right, but most of the less quality lenders are going out of business still.
LOL – They would not call themselves ‘bad credit lenders’. I agrree with the comment about the reputable lenders. The worse your credit the higher the risk and it they can underwrite a loan for you you might be high interest rate. Check out local banks or a credit union. You might look for a rental with the option to buy.
credit-report-free.totalh.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.