You can probably get a loan, but you will end up getting a really high interest rate. You should wait a year or two and repair your credit. You'll be able to get a more favorable loan.

Tough to say. How much money do you have for a down payment?

I just got a call from one of my Account Executives. For loans with bad credit, pretty much all lenders have tightened up their guidelines, or are going to tighten them up within the next few days. Getting financing for purchases is going to be a lot harder now, and unless you have enough money down, you will be hard pressed to find a loan, depending on what you mean by "really bad credit".

look up the housing finance agency for your state. Call them and ask for help. They can help get you into any grant or subsidies you might be eligible for. A low income single mother fits their bill just fine.

Plan on working with their bank to fix your credit for a while first. The loan officers who work with the finance agencies should be willing and able to help guide you into a position where your credit gets you the nice low subsidy rates, instead of going to some random broker and getting stuck with a high rate loan you can't afford.

Take your time, take their advice, and good luck.

Source(s)

10 years in mortgage banking

it depends on just how bad your credit really is....mortgage companies go by your credit score to decide whom to lend money to, and on what terms.

Do you have a down payment? If not, you may find it difficult to get a 100% loan....one option would be to contact a mortage broker (or a few) and ask some questions about FHA programs and/or home buyer assistance programs.

Whatever you choose to do, make sure you don't allow tons of different companies to pull your credit...this will only eventually add to lowering your score....and more than likely you will get the same answer most places. The scores that banks will accept are pretty much the same everywhere. Take the time to call a couple places and ask questions, one of which should be if they will HELP you repair your credit.

IF...after speaking to some loan officers and discovering that you can NOT purchase a home at this time, consider contacting a non-profit credit agency, such as Care One, and consolidate all the debt you have into a credit management program. It will help you get your bills paid off quicker, and at lower interest rates, and establish a reliable pay history again. Once you complete/drop out of the program, it will drop off your credit report in about 30 days, and not affect you negatively.

Source(s)

work for a mortgage broker that does business in all 50 states...email me if you have any additional questions!

It all depends on just how bad your credit is. If you are talking a credit score around 450-550 you will have serious problems and even if you get approved are better off renting. If you are bewteen 550-620 you would probably get approved but have to pay higher rates. 620 plus can get you approved for near prime loans most places these days. Remember that just having debt by itself does not give you bad credit, its all how timely you have paid bills and how you have managed your cards over the years.

Take my advice and dont buy until your score gets over at least 575. In this market you will never end up making any money because your interest rates will just be to high.

It is very likely you can get financed but with a higher interest rate. When I got my loan, the only stipulation was that if you had any past due debt over $1000 then you would have to pay it before getting the loan. I was told this is because a creditor can put a lean on your house if you owe them that amount or more. You will be able to get financed, but be aware of preditory lenders who sound to good to be true and also stay away from variable rate mortgages...fixed is the only way to go or else you can get screwed in the long run.

my husband just got a home loan with really bad credit .we pay a higher interest rate but we will be able to refinance in 2 years his credit score was really low due to medical bills. and some lenders due tend to over look medical bills on credit are finances are really tight also but the company worked with us we also got asst with dowpayment through the county we was moving to so call your county agencies and ask for help also they are housing loans made for ppl with bad credit search the net and you will find tons of resources for help good luck and check out nova-star mortgage

You better take your debts one by one and pay them back in order to improve your credit report.

You'll save a lot of money by getting better rates but remember, you need to improve your credit score.


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Good luck !

Source(s)

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