Are there any banks that give mortgage loans to people with bad credit?

Question by : Are there any banks that give mortgage loans to people with bad credit?
I am looking to buy my first home. My goal is to get to a 620 credit score but I know this will take quite some time. I was wondering if there are banks out there that give you loans to buy a home if you have bad credit or if there are programs out there that help you fix your credit to get into your first home? My best credit score of the three credit agencies is 550. The worst is 490. Please help!

Best answer:

Answer by mccarthy410
Short of having at least 20% down and paying closing costs and mortgage insurance and over 8% interest, or finding a house you can afford to pay all cash for, I don’t see it happening. I’d work on your credit and wait. I’m sorry to tell you that, I’m in the same boat and working two jobs and the goal for me is to either put as much down as possible or buy outright. You could try FHA loans and they might work with you, but I’d concentrate on getting as much down as possible or if you can, save till you can do it all cash. Sorry to sound harsh, cold and cruel, but life often is and I’m just telling you the truth.

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What types of positive credit are mortgage lenders looking for?

Question by emilydianemiller: What types of positive credit are mortgage lenders looking for?
My hubby and I are working on improving our credit to become homeowners. Once I was told you needed to have a good mix of credit on your report to show you are responsible in all areas. We have two car loans, several student loans, and various other items.We don’t have any credit cards, don’t really have a need for them. But everything I hear says you should have some revolving credit to show responsibility. I don’t want to get a credit card just for the sake of having one unless absolutely necessary. Anyone with mortgage approval know anything about this?

Best answer:

Answer by Tiffany
I have been approved for several mortgages. No one has ever state that you need revolving credit, but I did read that it was needed. I got a credit card with a real high throttle, simply to show responsibility. I have never used the credit card, so maybe you should consider applying for an imputing card and restricting its use.

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Q&A: I’m looking for a way to pay my mortage payment with a credit card?

Question by isham34: I’m looking for a way to pay my mortage payment with a credit card?
My mortage is with Countrywide and I am looking for a way to pay my mortage payment with my credit card that gives me airmiles. They won’t accept a credit card payment and I can’t buy money orders with a credti card. Any other ideas?

Best answer:

Answer by Benjamin H
You could always get a cash advance but im not sure if you would get air miles for that. Plus the interest rate is always gonna be alot higher!!!

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What credit agencies do most mortgage lenders use?

Question by LeAnn: What credit agencies do most mortgage lenders use?
We are looking to refinance our house soon. My husbands average fico score is 697 and his average credit score is 740. Why is this such a big difference and will the lenders use the fico score or the credit score?

Best answer:

Answer by La
If I remember correctly, mortgage lenders look primarily at the FICO score.

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