Q&A: How can you get a home loan with really poor credit?

by Jewish Historical Society of the Upper Midwest

Question by lil_shortiesunshine: How can you get a home loan with really poor credit?
My husband, myself and our kidding, are living with his parents, for the past six months. We both have very poor credit and are in desparate need of our own place. We now can afford our own place but cannot get a loan to purchase one. We have down payment in hand, and the monthly income to afford everything, but we are still without a home! Can someone please help with an idea of how to get a $ 6500.00 loan?There is no other proerty or anything to be used for a mortgage! We are trying to purchase a very nice 3BR,2BA, mobile home. We have nothing other than the down payment to put on it, and can afford the monthly payments, and the insurance, along with everything else.

Best answer:

Answer by dinaroseplunkett
My friends, a very young couple, were in the same situation. What they did is something called a no-doc bond. They don’t ask where you got money, your history, your credit, etc. and you don’t tell. I am not sure how to unearth one but do know it exists b/c they have a very nice three bedroom in New Jersey.

Add your own answer in the comments!

Free monthly webinars for distressed homeowners by Expert Home Solutions

Free monthly webinars for distressed homeowners by Expert Home Solutions

San Diego, CA (BUSINESS WIRE) 1 November 2011

EHS offers free webinars for distressed homeowners who are in need of loan modifications or short sales. The next webinar “Anatomy of a Short Sale” is 15 November, 18.00 clock are PST. Home owner from divorce, bankruptcy, probate, nods or NOTS learn the short sale may be the answer to the reconstruction and its movement for a happier life.

probate executors and administrators need to watch this webinar. More often in these days of a decedent is at home under water. The key to the administrator or executor of the estate is not until after the home was sold. In most cases this means no payments on the mortgage process with no damage to the credit of the heir, no agent or broker costs to the estate. Further information can be found under http://www.distressedassetssd.com be obtained. Here homeowners can get the advice of lawyers.

see an executor, a real estate broker who was not familiar with the benefits set a short sale. The property had no money on the real estate sector. This executor paid $ 5000 of their own money to take a lawyer to settle the estate and its broker, Council was paying $ 1000 per month out of pocket for a mortgage for a property that was not in good condition and had to be one short sale.

The issues that we, on 15 November at 6 PST clock covers are:
1 Steps in a short sale
2 Start building equity again for retirement and the family’s heritage
3 The choice of a bargaining agent and company
4 Stress Free Selling

call 877-267-2514 x121 and leave your name and e-mail will receive an invitation. Homeowners in the last month, the loan modifications vs. Short Sales seminar to look at http://vimeo.com/30771099.

log home owners, they will receive invitations to future webinars as “Anatomy of a Short Sale – Part II” that cover other concerns:
1 Rebuilding credit
2 Rent or Rent to Own
3 Financial Planning
4 Buy again in 2 years or less

more answers, house and flat owners can sign-language up for a free manual for distressed homeowners.

Mary Ellen Wilson, Broker (Lic # 01,487,433), Home Solutions, Inc. dba Expert Expert Home Auctions International, 877-267, 2514×7, FAX 877-276-8563, mewilson (at) experthomesolutionsincusa (dot) com has licensed since 2005. Your Internet experience have an Internet business in 1995, found that the radio over the Internet in 1998, prompted her to Expert Home Auctions International online starting in May, 2009. She has run concluded 40 auctions.

a complete media kit is available in video, audio, photos, art, interview questions and Top Ten.

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Can they denied you a home loan if you already have a student loan?

Question by jaydra: Can they denied you a home loan if you already have a student loan?
Im trying to purchase a home but already have a student loan?My loan is deferred, Means i dont have to pay for it because im tranquillizing going to school.

Best answer:

Answer by Matt K
It depends upon your made monthly income compared to your total monthly payments on debt.If your student loan payment were really high in comparison to your monthly income, then yes, this could mean you do not have enough room for a mortgage.They would disqualify you under debt to income ratio being too high. Again, it all depends on how much your monthly payments are in relation to your income.

What do you think? Answer below!