are there mortgage loan programs for people with bad credit?
August 13th, 2009 | 
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Danielle asked:
My husband and I would like to buy a house in norco, ca but we both have bad credit, median credit scores are 525 and 523. We do however, have a good income, about 90K combined per year. Do we have any options? Any help would be great!
bad credit loan
My husband and I would like to buy a house in norco, ca but we both have bad credit, median credit scores are 525 and 523. We do however, have a good income, about 90K combined per year. Do we have any options? Any help would be great!
bad credit loan
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bad credit loan
not with those score you have no chance. Work on your credit and it can happen in due time
bad credit loan
Those scores are way too low, I agree with golfer you need to work on your credit scores first then try again in a few years
bad credit loan
You are going to have to get your scores up above 620.
bad credit loan
There used to be - they were called sub prime and are a large part of why we are in the mess we are in now! So no, you cannot get a mortgage with credit scores as low as yours. The minimum score that you need is 620 for a FHA mortgage.
bad credit loan
Your only option would be what is commonly called a hard equity loan. If you can prove your income and you find a home at a good price And you have money to put down you may be able to get a loan.
Hard equity loans are Expensive! Sometimes 14% + interest rates and high closing costs.
Hard Equity lenders are less common than they used to be and in California, it may be even harder to find a lender than in other areas because lenders may be wary of inflated values.
Just google Hard Equity Lenders in Norco CA and see what pops up.
Many of these guys are private lenders and not all are trustworthy. If you go this route you need to have someone you trust (that knows what they are talking about) review the paperwork, particularly the mortgage and note.
bad credit loan
There are, though they are obviously more limited. FHA financing is probably your best bet. But providing full income documentation will certainly help you. And being able to document seasoned asset reserves is also key.
bad credit loan
Do yourselfs a favor - learn how to get a good credit score. You could repair and manipulate your score higher in six months to a year.
If you could actually find a hard money lender now.that would write your loan. You would pay $10’s of thousands of dollars more over the life of your loan. That is not a smart decision.
My advice to you is invest in yourself and get your credit score higher. Later, you will be glad you did.
Again work on your credit score you will be glad you did.
PM me if you have any questions…
bad credit loan
creditreport.imess.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.