Is it impossible to find a mortgage with severely bad credit?
My husband and I are looking to purchase our first home, however we both have very poor credit scores (and yes I know this is bad news) but we have found a home of which we would like to purchase. The home loan would be for about $120,000, I am currently a nurse and my husband is on disability and has been for the past 10 years! We are confident that we can afford a mortgage, but really don’t want to go through the whole credit repair bit because well quite frankly it would take forever and a day to do!!! I have searched high and low for a lender that does bad credit mortgages with no good results! Does anyone know a legitimate lender who would deal with us??? Before answering, yes I realize it is not wise to have bad credit and need to borrow, but we are at odds here so please no rude answers…
Thanks in advance
To “my take on it”–I didn’t ask for your opinion on if we could handle a mortgage payment or not! My question was rather simple in asking for bad credit lenders! Thanks for your answer, however I wish you would have actually read the question before answering!
Thanks everyone for your answers (the ones who answered the question that it:-)
answers smartass posted: 23 May at 11:13 am
the days of getting loans with bad credit are all gone
Steve D posted: 23 May at 12:03 pm
There are very few “bad credit” lenders anymore. Expect that IF (a big IF) you can find one, you will need 20% down and will pay a relatively high interest rate (probably in the 7.5% to 8% range). even FHA requires two years of clean credit before they will guarantee a loan.
My Take on It posted: 23 May at 12:25 pm
You will not get a mortgage with poor credit
Your post says it all pretty much about your attitude towards money and your bills:
“We found a house we want to purchase”
“We don’t want to deal with repairing our credit because it will take forever and a day”
This shows that you probably have not learned much when it comes to managing money. You want what you want right now, and don’t want to schlep through the crap to get to it. You just want it the shortcut way.
Well, those short cuts ended around 06/07 where lenders gave out loans to anyone with a pulse.
Now, you have to EARN your way back to owning a house or gaining the trust of lenders to loan you money.
And, really, that is the way it should be.
Paul Olson posted: 25 May at 12:02 am
Loan decisions also used to involve local people too. Now I think it’s all credit score numbers.
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Paul posted: 26 May at 8:06 pm
Updated – althought I have seen more hard money loans recently. With a larger down payment it is workable.
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