I don’t have perfect credit, neither does my husband but we are diligently paying off our bills one by one. I have been looking into loans for people with bad credit and of course they are all over the place promising a future for our family. Then I fillout the Application and whammy I’m hit with an appology notice from yet another lender. I never believed for a moment that I would never own a home, I’m not even trying to get an expensive one. I have two boys, one five, one three, a 4 1/2 month old baby girl and I am due in December. I am begining to feel hopeless and beyond frustrated, I don’t want our kids growing up in apartments their whole lives, I’d like them to have their own yard someday. There are a lot of “Bad Credit” loans promising to help but they never really mean it – what gives? Can anyone help?
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Don’t fall prey to predatory lenders. Sure, someone may finance you. But the idea isn’t just to get financed when it comes to a long-term commitment like a home loan. The idea is to get financed at a good rate. So take a step back, continue paying your bills down and build credit. You can also dispute some items on your credit report – get a tri-merge report and see if there is anything that doesn’t belong to you. Even if it DID belong to you, if you had, say, a collection that is now satisfied – dispute it. Chances are very good that you will get it off of your report and your score will improve about 20 points. Be patient, keep up the good work on paying the balances down, and then try again. See if you can get your mid-score to 620 before applying again.
Good luck to you and your family!
I wouldn’t use instanlend. That will cause the phones to ring off the hook for the next few days as numerous lenders run your credit, call you consistently, and only will give you more turndown letters. You need some REAL help.
Here is where to begin, your are doing the right thing but just need a trusted mortgage advisor to help navigate the tasks of improving your credit in the best way to get approved for the home you want to buy.
I could probably fill this page with consulting advice but if you want to get moving forward and accomplish your goals you need to find a person who will work with you and not leave you with a turndown in your hands and an empty roadmap to figure out what you need to do. This is where mortgage planning begins.
There are only a few mortgage advisors that sit with clients to manage their financial goals along with their CPA, CFP, and any other advisors that they work with. We make sure to help a client from beginning to end with the goal to obtain financial freedom. With you our immediate goal would be homeownership, then we will re-evaluate your goals to financial freedom. This would incorporate your childrens college fund, your retirement, as well as any other life goals and needs that will happen along the way.
There are some loans that can be done with Bad Credit but it is not for those who are just starting out, most of those loans are for people who have a 20-30% down payment of have quite a bit of equity in their homes if they are trying to refinance. Most people think that these loans are availble to those that need to purchase a home with little or no money down and most times its just not the case, if it was most likely the whole nation would be full of homeowners and you would not be in the situation you are in.
If you would like I could give you a free consultation and give you a hand in helping you achieve your goals.
Otherwise I hope this helps you, Good Luck
If you want a link to get some information about credit and scoring just drop me a e-mail. If you are willing to do things to improve yourcredit you can do it but it will take some time, there is no magic overnight trick and any company saying they can increase your scores for a fee is full of it. The only things they can remove is inaccurate information which you can do yourself.
Bottom line go with a lender that will work for you to either get you approved for an FHA loan or a subsidiary loan based on your income. You can own a home, its just a matter of finding the right person who has a conscience about their job. There are so many programs out there for you to look into. I am with a National Lender that helps families like yours everyday by putting them in a house by using all resources in your area. If I cant put you in a house now I surely can put you on a tracker so you can buy one soon depending on your scenario. Lets get those kids of yours in a house shall we? Email me and we can get started.