Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

CompanyLoan TypeAPREst. Pmt.

Loans for First time buyer with not so good credit records

I am intending to buy my first ever home in mid 2008 but my credit isn't that good. I have credit cards one of which I'll have to pay by end of November. There are 5 late payments on this card for the past 5 years but the latest was in 2005 december. The other card is 2 years old and I've paid it well. Apart from these cards, I have collection accounts, those are 5 in number (2 will cell phone companies from 2004 and 3 for medical bill non-payment). I also bought a car in the meantime and have paid the loan balance prior to the end of the auto loan term. And I could pay $6500 within just 9 months and there wasn't any late payment; that was way back in 2005. I had earlier taken federal loans (student loans I should say) of around $5500 and I've been on time with the payment there for the last 12 months. So my question is with all the scenario that you get to know here. How hard is it to get a mortgage? I'm expecting a high rate but who doesn't want a favorable payment. But I'd love to buy a house now! For the past 10 years I have been at an rented home and it's just like throwing my hard earned out of the window.

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Don't think getting a loan will be that impossible but you need to shop well for it. There are a lot of options available no doubt but the offrers will differ. By the way, have you got your recent credit score? if not, then get a free report from any of the credit bureaus or else how will you know what's your credit condition. i mean ok you have debts, late payments and collections but at least you should get a rough score so that you know whether you'll proceed for a loan or improve the score and then get going.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Paul,

Welcome to the forum.

There are many loan options for first time buyers. One of them is FHA approved loan which is a good option for first time buyer as it allows you to make less down payment and you can also qualify with your poor credit.

But, I think as you will make the purchase in 2008, so there is some time within which you can develop your poor credit. and thus you can qualify for a favorable loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

ezmortgageloanz's picture
ezmortgageloanz | Joined: April 6, 2007 10:25 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It's difficult to determine what your debt-to-income ratio is, but I'd have to agree that a FHA loan might be your best option.

Regards,

Scott Miller

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a house but it in my cousin i pay for it but my husband credit is good it is up in the six hundard

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

robertcampbell07's picture
robertcampbell07 | Joined: August 25, 2009 10:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

jane,

what do you want to ask?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

catharin9's picture
catharin9 | Joined: July 14, 2009 09:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

FHA loan is good option fro credit score above 600

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You need atleast 620 credit score for a FHA loan

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

Page loaded in 0.642 seconds.