Posted on: 01st Mar, 2012 10:53 am
i have found a home and theyt are asking 44000. however my credit score is really low and no one will let me barrow the money with the trailer as colleratal. i am tring to move me and my wife dont want to live in the area we are in and we love this house. i have just gotten a loan to make my mothly paymants on all my collections. and will even go as far as tring to set up a direct deposit where my payment is made every time i get my check. the house we are living in we are paying 824 and it way too much that is draging us father into debt. im in need of some advice please help i dont want to miss this opertunity
Hi geno!
Welcome to forums!
With a bad credit score, it will be difficult for you to qualify for any kind of loan. Unless your credit improves, you won't be able to qualify for any conventional loan. I will suggest you to contact the seller and check out if he will owner finance the property so that you can buy this property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a bad credit score, it will be difficult for you to qualify for any kind of loan. Unless your credit improves, you won't be able to qualify for any conventional loan. I will suggest you to contact the seller and check out if he will owner finance the property so that you can buy this property.
Feel free to ask if you've further queries.
Sussane
Hi geno,
I agree with Sussane's view. Unless you have good credit scores, none of the lenders will be ready to offer you a loan. You should take steps to improve your credit score in order to get a loan. To know some steps to improve your credit score, check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
I agree with Sussane's view. Unless you have good credit scores, none of the lenders will be ready to offer you a loan. You should take steps to improve your credit score in order to get a loan. To know some steps to improve your credit score, check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
A mortgage lender will check your credit score before approving your loan request. As such, take the necessary steps to boost your credit score and become credit worthy in order to become eligible for loan approval. Moreover, with good credit score, you will be able to get the home loan at an affordable interest rate.
Maybe you have a low credit score that is why you are denied of your loans. There are several, private lenders who might still be able to lend you, but take note, that they usually offer their loans at high interest rates. Unless you are capable of paying these high interest rates, then I suggest to not avail their loans.
Bad credit score creates problem every time you apply for loan so it is better to get your case checked by an agent so that if there are any chances you could get success in getting a loan.