Need a home loan with fair credit…?
by Author on Wednesday, August 4th, 2010 | 4 Comments
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If you can get an FHA loan, maybe, but I doubt it because you probably have collections and chargeoffs, otherwise, not to be harsh, but you need to get your finances in order, and pay your bills, and get some money into savings.
Then you need to develop your credit. There are plenty of major credit card companies that offer secured credit cards, and you can develop it that way. Use them for gas and groceries, then pay them off at the end of the month. It will take you about 2 years to get things back in order.
with those scores – you’ll probably need 20% down payment to get a mortgage right now, plus more cash for closing costs
Talk with a local lender or a bank and see what they say, after you take care of past debit with your tax return. If they don’t have good news on a loan then you can try and see if the current owners are willing to do a lease purchase for a few years to get your credit scores up. If they are willing to do this you and your fiance should not incur any more debit and pay on your past debit to clean it up.These are just a couple of options. But the best option is to clean up your credit and look to buy a home once your current and past credit has been taken care of.
Jess, your only option is to work on repairing your credit history and improving your credit score. With todays mortgage woe’s no one is going to loan you money.