Comments on: How To Get A Home Mortgage Loan When You Have Bad Credit Rating

By: bestratesource

bestratesource — Sat, 22 Aug 2009 01:54:30 +0000

The mortgage industry will likely take years to forgive people who have credit blemishes, the crazy issue is that a large portion of the economic hardship was caused by the same companies that now wont provide a mortgage to someone with brusied credit…these companies (aig, bank of america, citi) played roulette with bank funds and killed the secondary marketplace..borrowing tax money to stay afloat, but turning their backs to the homeowners who need help the most

By: Lisa

Lisa — Sun, 21 Jun 2009 21:11:59 +0000

Very good info here. I do want to address the person who seemed a bit disdainful of those who had poor credit. The person said those with good ratings had “earned” them as if those who had bad credit were irresponsible. This is not always the case. We went from perfect credit to credit below 500 due to my husband becoming disabled overnight. We lost 60% of our income instantly. We nearly lost our house and cars but even though we have very, very late payments and a near foreclosure event, we made it through. Our credit is bad now but it was not due to irresponsibility. Just saying…

Lisa

By: Ray Bacon

Ray Bacon — Sun, 19 Oct 2008 02:45:55 +0000

Hopefully with the changing of the President and a new policy we can finally start making some sense to all of this mortgage business.

By: Stephen McFarlane

Stephen McFarlane — Sat, 27 Sep 2008 06:35:06 +0000

I was just thinking about how to get a bad credit home mortgage loan by applying online and you’ve really helped out. Thanks!

By: Collateral Home Loans Knowledge

Collateral Home Loans Knowledge — Thu, 25 Sep 2008 07:52:32 +0000

The best is try to pay off some debts first, although it’s hard, to raise your bad credit rating. This is the most important part when you are trying to apply for a home loan with bad credits.

As long as your credit rating is above 680 points, you have a very high chance of getting a home loan with bad credit ratings.

Peter

By: Ki

Ki — Mon, 22 Sep 2008 01:20:02 +0000

It seems that rates have come down with the Fannie Mae and Freddie Mac issues but banks are still looking at credit scores pretty closely. I think now more than ever people interested in purchasing a house need to pay very careful attention to things that could affect their credit scores.

By: HomeEquityLine

HomeEquityLine — Mon, 08 Sep 2008 08:58:07 +0000

This is great mortgage part. I can say One positive aspect to using a loan secured by your home to make home improvements is that the value of your home increases as a result–and yet another reason to make sure that you can make the payments with out default. Another thing is benefit to the HELOC is tax credits on the interest paid to the borrower.

By: Warren

Warren — Mon, 01 Sep 2008 15:52:25 +0000

If you have such bad credit, maybe, just maybe, you shouldn’t be considering getting a home mortgage. Sure, things happen that aren’t fair, but from what I’ve seen, most people have earned their credit score.

By: Alexey

Alexey — Mon, 01 Sep 2008 05:05:31 +0000

Does someone with a bad credit history may want to take the mortgage? Even under such conditions? Indeed, the first is easier to repay the debt on loans and improve credit rating, and then try to take the mortgage on better terms.

By: Investing In Annuities

Investing In Annuities — Tue, 26 Aug 2008 01:36:21 +0000

Money is always available for borrowing no matter your credit, lenders need borrowers, simple as that

By: Amanda - Credit Card Forum

Amanda - Credit Card Forum — Thu, 14 Aug 2008 19:23:38 +0000

Even with the credit crunch I haven’t’ heard of anyone requiring a 50% down payment, but you mentioned it was in extreme cases… I’m guessing probably credit scores in the 400s or something for those? I actually stumbled across your blog while doing research for an article I’m writing about credit for my little site and I’m glad I found it. There seems to be a lot of valuable information on here. But yeah back to this posting, it is unfortunate that this summer mortgages for people with bad credit are harder to come by. I know they’re still out there but just harder to find. creditcardforum.com

By: Mehdi Cherkaoui

Mehdi Cherkaoui — Tue, 12 Aug 2008 11:56:08 +0000

Good points although I disagree on a few. I do respect your opinion however. Read more on the following topics Mortgage watchdog, mortgage advice, mortgage tips, review, low interest rate, fha help, avoid fraud, first time home buyer, cheap mortgage on brokerpolice.com