Most of what's on my credit is old and my credit is slowly slowly coming up a point or 2 a month. The problem is we are desperate to buy a house. We are currently renting a house, but for the amount we're paying a month it would be cheaper to buy. We also want some land with our house. It doesn't have to be a lot, but someplace for our 5 young kids and 2 dogs to run and play. I keep hearing about all these people who get "bad credit loans" and "bankruptcy loans". One guy got a loan 2 1/2 months after his bankruptcy went through! My question is : Where do I find one and how do I get it???
We have about a 30% downpayment now and make approx. $57,000 a year.
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2 responses so far ↓
1 talismb // Feb 16, 2009
In case you haven't noticed, the economy is crashing BECAUSE of the issuance of "bad credit loans"…that means that they are virtually impossible to find. If greedy mortgage bankers hadn't loaned money to people who can't afford it, the economy wouldn't be exploding now. It's extremely hard to get a loan at this point with good credit, so you had best forget it if your credit score isn't stellar (which it's obviously not)
2 Doctor J // Feb 16, 2009
You cannot get this type of loan today. The credit markets no longer will offer loans to anyone with less than GREAT credit and large down payments.
Save your money up for a large down payment. Pay off all debts and get your credit rating above 720 with all three credit agencies. Then, you may be able to qualify for a loan - depending on your income and debt to income ratio.
Best wishes and good luck.
p.s. today, banks will NOT loan to "desperate" people.
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