I am in need of a home loan but I have no credit from 2 reporting companies and bad from 1. I have 20% of the purchase price of the home, but can’t seem to find anyone to finance me I also have a co-signer (not co-borrower). I need a hook up with some one that can still get sub-prime loans through. Does anyone know of a company that can help even with the lending crack down?
wow I think the yelling is a little unappropriate.
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Why not let your co-signer buy the home and then you rent from them??? Since you are asking them to hold financial responsibility you should also give them some of the equity. Because this is a legal matter you need a promissary note / contract so you and your co-signer are covered. They may be able to qualify not only for the loan but do so at a lower interest rate than you qualify for. An oral contract is not enough for this kind of arrangement. Sure you can find a loan with bad or no credit but the interest rate will reflect it. Make 100% sure you can afford not only the home but the taxes, maintenance, insurance, PMI and everything else that goes with a mortgage. Consider financing for 15 years instead of 30 and make bi weekly payments to pay off even earlier. There are so many homes going into foreclosure… make sure yours isn’t going to be one of them. Go with a fixed rate mortgage and make sure you can afford what you get into… not what your realtor tells you that you can afford.
Depending on your location, I can help you get the loan. I’m a Loan Officer in California and can do loans in most states. I can give you my contact information if you’re interested.
If you have bad credit or a limited credit history now is going to be a hard time for you to get a loan. You can contact a real estate company and tell them your situation. They will know clients that are willing to hold the mortgage for a period of time. I actually purchased my first home by a “land contract” in which the buyer held the mortgage for 5 years because I was in the same situation as you were. After the 5 years I obtained a bank mortgage with little problems. I was able to get my credit to where it needed to be during those years. It is amazing that someone with no debt has a harder time getting a loan as opposed to someone with credit cards, car loans, etc….What lenders want to see are timely payments. So get a couple of credit cards, (you can get guaranteed one) and buy something small each month and pay off the balance each month in full. You will pay no interest and you will be building you credit up. Good luck. Hope this helps.
With little credit and what you do have is bad it will be impossible for you to get a subprime loan and if you do find one the interest rate will be probably around 12-13%. I say wait or get your cosigner to buy the property as an investment and you rent it from them.
Have you tried to get an FHA loan? Maybe go that route.
THERE IS NO SUCH THING AS CO-SIGNER ON A MTG!!!!!!!!!!!!!!!!!! Your not buying a car!!! They would be a co-borrower and co-owner. You can not co-sign on real prop,
Bad credit is one of the worst problems to have… however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times,
I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://www.counselingcreditcarddebt.com