what is the best way to buy a house with bad credit, but good job?
Looking to buy a house, but had to claim bankruptcy, but I do have a decent paying job. WHat is the best way to get money for house.Should I get pre aprroved? just stop at a bank? just not sure.
Tags: Good, good job, bankruptcy, Best, Bad Credit, House, CreditRelated posts:
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try to get pre-approved to see if you can even qualify
get a cosigner
Cash is always best
Most everyone gets preaproved because sellers don’t want to use time with someone who can’t get a loan. . . the pre-qual shows them you can do the deal if you want.
As far as the bad credit, the setback is > > it is going to cost you a lot more because you will probably have a HIGH rate. House prices are dropping so you may want to wait until your FICO improves enough to get you a lower rate. 2 extra points a month can be major $$.
And start doing web searchs and checking out rates on 30 yr fixed, at different institutions (avoiding ARMs like the plague they are)
It really depends a few factors: how long since the discharge, how well you’ve done with credit recently, how much down-payment you have. Assuming you qualify for a mortgage loan, you may have to have pay a higher rate initially, or come up with a larger down-payment. Or if you can find a house on a lease-with-option contract where the land-contract type note where payment are reported to the credit bureau’s. If you can find a house going thru a foreclosure proceeding, you might luck up and get built-in equity to boot. Don’t just count on using a bank for financing, look at mortgage companies as well, just watch out for too many inquiries on your credit report.
Good Luck!
Is your bankruptcy discharged yet? If so , you can probably get a mortgage. You won’t be able to get one through your bank. Go to your yellow pages and look up mortgages or mortgage brokers. You should find some ads for brokers. Some of the ads will say things like bad credit ok, bankruptcys ok, non-conforming loans. Just start calling them and asking them if they can help you. There are tons of them out there, so you shouldn’t have any trouble finding one. If you talk to one and he doesn’t have the kind of loan that you want, keep shopping. Different brokers use different lenders with different loan programs. So don’t think if one broker can’t help you that you can’t get a mortgage. Keep shopping. There are hundreds of different mortgage programs out there and nearly anyone can get a mortgage these days.
You might want to go to AnnualCreditReport.com and get a free credit report from all three bureaus with your credit scores. Print all three copies. When you talk to a broker, tell him you’ll fax him or take him your copies. Don’t let them pull your credit until you have found a broker that you think you want to work with. Tell them that you would rather not have your credit pulled, because if you start letting several different brokers pull your credit, it can make your scores drop. They will tell you that it won’t drop your scores, but for people who have bad credit, it can drop your scores if you start having a lot of inquierys, even if they are just because you are shopping around for a mortgage. So try not to let them pull it too much. When you find a broker you like, then you will have to let him pull it.
Good luck with buying your home!
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