Your Questions About Home Loans For Bad Credit

William asks…

va home loans and bad credit?

if someone with good credit is applying for a home loan do they get denied the loan if their spouse has bad credit. does the spouse have to be on the loan

John answers:

That would depend on whether or not the spouses income is to be considered in the mortgage. Even though their credit score may be low, the mortgage lender needs to know if you can afford it on your own or do you need the additional income (if the spouse is employed).

The VA does not loan money for homes, it simply backs a portion of the loan.

Hope this answers your question.

Mandy asks…

is there a place that offers home equity loans to people that have bad credit?

my boyfriend and i own our home with no mortgage. we have around $76,000 of equity in our home but have bad credit. is there somewhere we can go for a loan that works with the better business bureau. i want to make sure its legit.

John answers:

$76,000 equity is a dream for a mortgage lender. They are loaning primarily on the equity on your house; not as much on your personally. The going rate on a 2nd mortgage ( another word for homeequity loan) is 8.25%. That is a fixed rate for 15 years. WIth bad credit you will pay 9.875%. Sorry but that is the penalty you pay for your previous mistakes. You can have the money 4 days after you apply.

George asks…

Best site for bad credit home loans(purchase)?Husband had HeartAttack,I don’t work-you do the math-credit sux!

I need help NOW!!! Horrible situation…Anyone want to give to a good cause??? Probably not but I am only 31 with 2 small kids…Need info in order to buy the house we are in right now.. I only need to find a mortgage for 65% of the current value…Any suggestions? Any generous rich people?
In response to the last answer I received, I am no idiot…I am an educated person who knows that income is what pays the mortgage.My husband is back to work and making ample money to cover the mortgage we need.Our credit was great until he was out of work for 18 weeks.You try cutting your income to virtually zero and see how you fair.This is a legitimate question in search of a mortgage site to obtain a mortgage we can afford.

John answers:

Former loan officer here: what is your credit score? 65% shouldn’t be too hard to do if you are above 520. If you are below that you might try a private loan. If you’re above 520 here are some options, though it will depend on the state you live in as to who can do the loan, Argent, Countrywide, a very good mortgage broker you might try is Stashin Mortage Services Inc they can do loans in Washington, Oregon, Nevada, and a few other states, ask for John, he’s honest and hard working, if he can’t help he might be able to tell you who can. I hope this helps.

Thomas asks…

Getting Bad Credit Home Loans?

Whats the best options for getting a home loan if your credit isn’t so good?

John answers:

You can try a variable credit lending company. There’s a bunch listed here

Compare rates and terms carefully.

Laura asks…

How can I get a home loan with bad credit?

I am desperately wanting to purchase a home for me and my children. I have a steady income and the down payment but my credit is in bad condition. We desperately need to move from our area, but the rental amounts are too high. I attempted to acquire a loan through Bank Of America, but was denied due to the credit issue. Does anyone know of any lenders that may specialize in this area? Any assistance or advice is greatly appreciated.

John answers:

You might be able to set up a Lease Option to Buy with someone selling their home. It’s really hard to get a loan right now even if you have excellent credit. I think a lease option, where part of your rent each month goes to a down payment, would work for you. Later you convert it to a purchase contract.

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