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Barclays to sell $6.1 billion BlackRock stakeLONDON (Reuters) - British bank Barclays is selling its near-20 percent stake in U.S. asset manager BlackRock, worth $6.1 billion, as tougher global regulations have cut the attraction of such holdings. … More »Barclays to sell $6.1 billion BlackRock stake
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(Reuters) - Fidelity Investments and other big mutual fund families that were early backers of Facebook Inc are likely still winners despite the social network's troubled stock market debut. Facebook shares were priced at $38 per share in its initial public offering on Thursday. Despite an initial bump in their market debut …
Question
Buying a House with Bad Credit?
I am 27, i have been out of job for a year and now i'm back working at a new job and i live with my parents. I really want to buy a house, i have $30000 in student loans and i'll be adding more to that when i start grad school in june. I had many credit cards when i was in early 20's and made late payments and such but i paid them all off. Now, I only have a one credit card and have missed couple of payments but now i paid the whole thing off as well. I don't want my parents to co-sign or anything, so would i still be able to qualify for a home loan just by myself? I welcome any input!
5 years ago - 7 answersBest Answer
The problem is that with the problems in the mortgage industry right now due to the fallout of the subprime market is making it increasingly difficult for people with poor credit histories to obtain loans. Your work history will also hamper your efforts. It is understandable that you would put your schooling ahead of work (as it should be) but the fact that you have just started work after a year of unemployment will not serve you well.
You are in a situation where you should just wait and get yourself financially stable first, THEN consider purchasing a home. Keep making your credit card payments on time, don't EVER charge over 1/2 the limit on any of the cards, and keep your debts to a minimum for the time being. Save as much as you can for a down payment. About a year before you are ready to apply for a mortgage, go to a reputable credit repair company and have them work on your credit report. This will maximize your chances of successfully applying for a mortgage.
If you have any further questions, please feel free to email me at nebula7693@yahoo.com
Source(s):
I am a professional Credit Advisor
5 years agoOther Answers
Why do you miss payments?? Pull your credit report from the big 3 at annualcreditreport.com and then start to dispute the incaccuries. Hopefully that will raise your FICO, but with such a high debt to income ratio you are likely screwed.
by fastcarceo25 - 5 years agoAll the things you mentioned will affect your credit score, but it is possible for you to get a home loan. Find a good mortgage broker in your area who can find the right deal for you. That's what I did. (I'd had a bankruptcy in the past and bad credit.) My broker helped me get a loan with Citifinancial. At first the interest rate was a little high, but after 2 years if you make the payments on time and stay on the right track, you can refinance and get a better interest rate.
Source(s)
Good luck!
by PMS 24-7 - 5 years agoWell you didnt exactly state what your credit score is. Just having alot of debt does not mean you cant get a house, it just might mean you can afford slightly less. But if your credit score is way down due to your missed payments then you may have a problem.
Find out what your score is. If you are over 600 you will be able to find someone to approve no problem. You will not get the best rates though.
My suggestion is to buy a 3 in 1 FICO credit report because you need to know your FICO credit score. By doing this you'll be able to form a plan of action to correct any problems your credit may have. You can also visit www.thecreditrepairmanual.com for a low cost way to learn how to improve your credit score, dispute accounts, and write professional letters of dispute.
by Pravda - 5 years agoYou seem to misunderstand how credit works.
You PAY ON TIME.
EACH AND EVERY TIME.
ALL THE TIME.
You just don't decide to miss a couple of payments -- let stuff hit the ceiling -- then play housekeeping by paying them all off. This method still undermines your creditworthiness.
That is not how credit works and to want to get a house when you have so much debt already and are planning to go BACK to grad school is somewhat delusional.
First things first -- show yourself approved by paying on time for 24 MONTHS STRAIGHT WITHOUT exception.
Then let's have an intelligent discussion about getting you into a home with rehabilitated credit.
Source(s)
CPA.
by DaMan - 5 years agoIt is not difficult to get your mortgage approved even with bad credit rating. The key is to choose a right lender who deals especially in bad credit mortgages. There are lenders known as Subprime mortgage lenders have various programs that cater only to the homebuyers whose credit rating is bad. Do not go to your traditional mortgage lenders or banks, which are more likely to turn you down.
Many of the traditional lenders have a condition about your employment. They expect you to hold a steady job for at least 2 years. On the other hand, the subprime lenders expect you to be at your job for only a year. But all these subprime mortgage lenders will not finance you totally. Hence you have to look around or ask the mortgage broker to help you find the right subprime mortgage lenders.
Source(s)
pay-your-debts.com/category/Bad-Cre...
by hendy h - 5 years ago
