Your Questions About Mortgage Loans For Bad Credit

John asks…

How to get a personal loan with very bad credit?

I have very bad credit, mostly credit cards. As of right now i am $3,500 past due on my mortgage. When me and my fiance were unemployed we fell way behind. Now we are both working and have been for several months. Is there any bank or lending institution that would lend us the money we need to catch up our mortgage? I am scared were going to lose out house.

John answers:

Your seriously behind on your mortgage and your now at a risk of repossession, all of these late payments will show on your credit history, your mortgage account will show as delinquent, and when other lenders search your credit file they will see this and won’t think twice about lending to you, they will turn you down instantly, however every lender is different and has different lending criteria but it’s unlikely you’ll get credit anywhere and i can assure you that you won’t get a personal loan.

Mark asks…

Is there a student loan you can get if you have bad credit?

I have pretty bad credit but I’m wanting to get a student loan to help me out with some things while I’m in school. I only need $1500.00. Does anyone know of any companies that do student loans for people with bad credit?

John answers:

There you go :

Good luck !


Thomas asks…

Is it bad for my credit to have a co-signer on my mortgage loan?

Is it bad for my credit to have a co-signer on a mortgage loan? I have credit 750+ & the monthly payment would be well within my means. But the bank has denied me because I don’t have enough credit history. THanks in advance!
Edit: What ratios would be considered too high? .15, .2, .25?

John answers:

Sorry, but that is NOT why you were turned down. You already have a credit score of 750 and the lender can use cell phone bills, electric bills and rent payments to help with the credit history.

I’m betting your ratios are too high.

Joseph asks…

How do we go about getting a FHA loan?

Me and my sister is looking to buy a house together. We both have bad credit due to the past but enough money for a mortgage. Estimating $75,000/yearly. Right now, were clue less as to which direction to turn. Do we try and get approved for a loan first, then find a house? A little help please! Also, what are the qualifications for a FHA loan? With our bad credit history, what are the chances of getting approved?

John answers:

You should first get pre-approved first so that way you know how much house you can afford then you can start looking. To get approved for a FHA loan you need a min score of 580 and 3.5% down payment. You should get approved.

James asks…

Is having a loan good or bad for your credit score?

I want to apply for a stafford loan because my grant isnt enough this year and they wont give me money for summer classes. Is getting a loan good or bad for credit. My parents are going to pay for it so I really dont need to worry about payments and im not going to defer payment.

John answers:

People have the wrong ideas about whether a loan is “good” or “bad”. Student loans, along with mortages are considered “good debts” because mainly these loans are potential investments. Student loans allow you to further your education in order to get a higher paying job, while mortgages a lot of times on houses that will go up in value because of the equity.

Initially, your score may drop because of the amount of debt from the loan, but once you establish a payment history, it can definitely help your score because it diversifies the type of credit you have (installment vs. Revolving).

Powered by Yahoo! Answers

This entry was posted in Uncategorized. Bookmark the permalink.