Home » home mortgages for bad credit » How can I get a mortgage for a 3 family home with BAD credit?

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1. 

   2-10-12

   TINKERBELLE says:

   co signer but your interest rate will be high or you will have to put up at least 5%
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2. 

   2-10-12

   the omen is here says:

   you’ll have to put a large down payment…like 20-25% and your intrest rate will be higher too…
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3. 

   2-10-12

   tscrib8516 says:

   try to find a for sale by owner who will allow you to lease to own. If you have 1 year of steady payment history documented (canceled checks will work) you can usually qualify for a mortgage. Many smaller mortgage companies have lists of investor who do these lease to owns
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   I’m one of those investors

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4. 

   2-10-12

   clubracerx says:

   There are many Non Prime direct lenders who can help you with this. One of the more agressive lenders in this arena is Full Spectrum lending.

   http://www.fullspectrumlending.com/

   There are others such as New Century, Option One, BNC Mortgage, Aames Home loans, Long Beach Mortgage
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5. 

   2-10-12

   moonwheeler says:

   Look for a Mortgage Broker who specializes in loans financed by private individuals.
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6. 

   2-10-12

   needtoknow says:

   IF YOU HAVE PAID YOUR UTILITIES YOUR RENT YOUR CAR YOUR INSURANCE FOR THE LAST 18TO24 MONTHS ON TIME YOU MAY BE ELIGIBLE FOR A VA OR FHA LOAN FOR UP TO95% FINANCING THESE LENDERS DO NOT GO BY YOUR CREDIT SCORE.
   References :
   THE FINANCIAL SHOW ON THE RADIO TALK OF TEXAS

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7. 

   2-10-12

   Valley Girl says:

   You could try a
   lease to purchase
   or go to a lender dealing with specialized credit. most require 20% down and closing costs.
   The best homes are the ones that offer closing cost assistance from the lender.

   but i recommend that you prove that you pay off the little things to boost your credit rating while you are building up the down payment money.
   Be sure to keep proof of all payments you make, this helps!
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8. 

   2-10-12

   StudentoftheHumanCondition says:

   Certain things will decide that:

   A loan is made up of these criteria:
   character (credit), collateral (propety value), ability to repay, assets on hand (like bank balance, 401 (k)s, IRAs, stocks, bonds, etc)

   1. How BAD is the credit in question? Sometimes what a borrower considers bad, a lender consider acceptable risk. Do you have any good credit? Good credit could be in the form of on-time payments to buy here pay here shops, utilities, car payment to private lots, etc.
   2. Do you have any money to put into the home?
   3. Are you going to use the home as a primary residence or not?
   4. What is the condition of the home?
   5. Are any of the units rented? If so, get the rent rolls to see how much gross income is flowing to the property. Keep in mind that most lenders only allow 75% of any rental income to be used to offset debt.

   A loan is possible, but the payment may be slightly higher since the lender has more risk involved with a customer who has marginal credit. Please contact me for any assistance with a referral to a local agent in 38 states.
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9. 

   2-10-12

   James H says:

   Have a look here.
   References :
   http://www.repair-your-credit.jims-info.com/

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