Your Questions About Mortgage Loans For Bad Credit

Paul asks…

How can you get a mortgage loan with bad credit?

I have been trying for several month to get a loan for a new home, but I have had no success at all. Everybody that I contact or apply with give me the same answer all the time, which is ” Sorry we can’t help you at this time due to your poor credit rating. If no one will give you a chance then how can you fix your credit situation? I have been employed for the past five years with the same company. I don’t make a whole lot a year. I make about $40,000 a year. I think I can afford a new mortgage. I would like for my children to grow up in a better situation than I did. I admit I have made some mistakes financially, but are those mistakes going to haunt me forever? I just want a chance to live the American dream of home ownership. Please don’t mention credit repair, I have tried those companies and my credit sitiuation is was worse after I finished the repair program. If you do not have positive input please don’t respond to this question. Rip-off artist need not respond.

John answers:

I can tell you this, it is still really easy to get a mortgage, even with bad credit.

If you can’t find someone to give you a loan, that means you are way too risky for a lender. That should tell you that it is not the time to be thinking about buying a home. You should continue renting, saving a down payment, and improving your credit score by paying off debt and paying bills on time. Your past mistakes will hurt you for up to 7 years.

James asks…

Can you get a bad credit mortgage loan anymore?

Have a credit score of around 620-640. Past wage garnishment (a year ago) but paid off early. Past car repossession (reason for the garnishment.) Other small things charged-off. Only looking for a mortgage loan of $25K or less with $10K for down payment. With todays economy, is there any chance of finding a mortgage company? What kind of rates would I be looking at?

John answers:

I won’t says it’s impossible – only a lender who can look at your actual data could say that – when people over 700 can’t always get loans, I’d say the chances aren’t great.

You have nothing to lose by checking into it though. Just go talk to a couple of lenders and find out. Having a down payment would be a huge help to you.

Susan asks…

way to get a mortgage loan even with bad credit?

Hi , my home is sold and I am looking at a condo, I have half of the money for the condo but will need another half through a mortgage loan.I was wondering if there is any way at all to obtain a mortgage loan with bad credit,
Is there any way possible to do this

John answers:

Many mortgage companies are reluctant to finance people with bad credit or no money to put down. A bad credit mortgage lender helps people who have bad credit score, low income, etc.

A bad credit mortgage lender helps you get your loan approved much faster than programs offered by credit unions and banks. But you have to pay the price to get a bad credit loan. The loan you get will carry a higher rate of interest and will have higher closing fees.

It is advisable to check the rates with a few more bad credit lenders and compare. Even though you have to pay a higher rate, see that the one you settle at is reasonable and the most favorable. At present interest rates are low so try and get the best deal.

You can always wait a while, improve your credit score and then get a loan at a low rate of interest. Some bad credit mortgage loans carry a prepayment penalty, so make sure your loan doesn’t have one. These bad credit mortgage loans have 6 months to 2-3 years prepayment penalty. This means you have to pay huge sums of interest for at least 6 months before you can pay off the loan. If there is a prepayment penalty you should take the loan that has the shortest term so that you can pay off the loan quickly without paying any penalty.

To compare loan offers complete our short form above. Mortgage Loan helps you find the best bad credit refinance loans, bad credit home equity loans, bad credit home purchase loans and bad credit debt consolidation loans.

Lizzie asks…

wasnt it democrats who wanted to give mortgage loans to those with bad credit?

…in response to activists and groups such as ACORN, to help those who arent creditworthy to buy homes? sounds really heartwarming and generous, but was it realistic? social security and medicare are also democrat-founded that are practically bankrupt and will cause $44 trillion in debt in the coming years. it will for a certainty, because no one (including republicans) will do anything to fix this issue.

John answers:

Of course, it was Democrats. The only reason poor people couldn’t buy homes was because of racism, didn’t you know that? But there are other reasons, of course. I must tell you that the third time I tried to obtain a mortgage (first two houses sold), and was put through the regulatory ringer, due to the “Fair Housing Act,” I got very disgusted. One might assume that someone who had clean credit, had already obtained and paid off two home loans would be deemed a good risk. So, while all these high risk loans were being made, how many good borrowers were turned down due to regulations?

Pres. Bush tried to deal with Social Security reform and that got tabled. The truth about SS and Medicare is that the AARP is THE most powerful lobbyist in the nation. These wealthy retirees won’t let you touch their “entitlement” and they don’t give a darn if there’s anything there for us when we get there.

And Gen-X’ers (and younger), who’ve been told our entire lives that we would never see it are more interested in legalizing pot, fighting for gay rights or burning flags. If we riot, it should be about our retirements.

Ken asks…

Help with Mortgage Loans for people with Bad Credit.?

Is there any loan companies out there that are made for people with bad credit? Trying to purchase a home and can’t find a company that is willing to work with us. The loan isn’t a lot and we have enough of a down payment. Any help would be appreciated. And please no comments about taking care of our debt we have now. We have taken care of it and we do make enough money.

John answers:

Try this
Some of those companies may help you.
Hope this helps.

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