Mortgage companies will limit how much they’ll invest in you. If you’ve got enough cash to put at least 20% down, you might be okay. You can also try to find a desperate seller and arrange for owner financing.
Bank under-writers are unpredictable. My mortgage broker worked with me a bit and had managed to have something removed from my credit for the under-writer. It was much, much easier to get a home loan than a car loan. Although I had bad credit, I had another person on the loan that had good credit. As for the 20% down that someone had mentioned, I had put $0 down on my home. I had to take a class for so many hours to appease the bank. The bank also made it mandatory to pay mortgage insurance until have 20% of the loan amount paid. These little fees add up and really boost the mortage. If you do manage to qualify, it will probably be for a loan in the mid-low 100s.
Maybe, but if you do get one your interest rate will be sky-high.
Take the time to improve your credit, it will take 2 years but the price of houses will be lower then than they are now.
In today’s market? Hah! People with good credit, good income, and large down payments are having trouble getting mortgages. The economy is in meltdown still, and banks are not yet keen on lending. With bad credit, you’d need at least 20-30% down, long history at your job, zero debts, and be prepared to pay interest rates through the nose — IF your banker will even talk to you.
Tags: 50.000, About, credit, Credit Crisis, home, Home Loan With Bad Credit, income, loan, Loan With Bad Credit, year
5 Comments at "Is the any way to get a home loan with bad credit? Income is about 50.000 per year?"
probably depends what your liabilities are, you will not get the best interest rate and have to put more down with bad credit…
Mortgage companies will limit how much they’ll invest in you. If you’ve got enough cash to put at least 20% down, you might be okay. You can also try to find a desperate seller and arrange for owner financing.
Bank under-writers are unpredictable. My mortgage broker worked with me a bit and had managed to have something removed from my credit for the under-writer. It was much, much easier to get a home loan than a car loan. Although I had bad credit, I had another person on the loan that had good credit. As for the 20% down that someone had mentioned, I had put $0 down on my home. I had to take a class for so many hours to appease the bank. The bank also made it mandatory to pay mortgage insurance until have 20% of the loan amount paid. These little fees add up and really boost the mortage. If you do manage to qualify, it will probably be for a loan in the mid-low 100s.
Maybe, but if you do get one your interest rate will be sky-high.
Take the time to improve your credit, it will take 2 years but the price of houses will be lower then than they are now.
In today’s market? Hah! People with good credit, good income, and large down payments are having trouble getting mortgages. The economy is in meltdown still, and banks are not yet keen on lending. With bad credit, you’d need at least 20-30% down, long history at your job, zero debts, and be prepared to pay interest rates through the nose — IF your banker will even talk to you.