AbileneTxen asked:
My husband and I are trying to get a home loan (we only need 20,000) for a home we are looking to purchase in TX. This would be our primary home. My husband’s score is 573 and we need to get this done as soon as possible. We have a small dp to put down (1,000 or so), any advice?
Javier
My husband and I are trying to get a home loan (we only need 20,000) for a home we are looking to purchase in TX. This would be our primary home. My husband’s score is 573 and we need to get this done as soon as possible. We have a small dp to put down (1,000 or so), any advice?
Javier
Start at your local bank, then call around your area first. Do not have everyone pull your credit score.
First find out if they can help you with the information you give them. Be honest.
If all that does not work, and it should, you can look online for bad credit loans.
Or you can take the time to increase your credit first. See below.
With the subprime market crashing that will make it tougher for you, On a positive note you have 5% for a downpayment, do you also have the closing costs? If you do you might have a chance but the interest rate most likely adjustable will put you in worse shape in the next year or two. You are better off taking a year and increasing you credit score How?
1. Pay your bills on time
2. Reduce your credit card debt to less than 30% of your limits
3. DO not close any open accounts this will reduce your credit to debt ratio
4.DO not apply for any more credit every time you do your FICO score drops about 5 points.
5. Patience it takes time to build up your score
the advise is that Ur husband should put Ur name additional on his credit cart in build Ur credit up in after a f Mont’s maybe ul have good cradit
Don’t lose hope if you’re looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it’s still one of the best investments that you can make, so, in many cases, it’s worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
If you plan to pay back the money , you can ask for a loan at Prosper. More information at . You can also try your luck at online charities, people may send donations. More information at
Best websites for this:
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Hi,
Jeff
Maybe you can try to go see on this website:
They have a section for bad credit.
Hope that help