Is there such thing as a TRUE Bad Credit Home Loan? | California ...

by admin

I don’t have perfect credit, neither does my husband but we are diligently paying off our bills one by one. I have been looking into loans for people with bad credit and of course they are all over the place promising a future for our family. Then I fillout the Application and whammy I’m hit with an appology notice from yet another lender. I never believed for a moment that I would never own a home, I’m not even trying to get an expensive one. I have two boys, one five, one three, a 4 1/2 month old baby girl and I am due in December. I am begining to feel hopeless and beyond frustrated, I don’t want our kids growing up in apartments their whole lives, I’d like them to have their own yard someday. There are a lot of “Bad Credit” loans promising to help but they never really mean it - what gives? Can anyone help?

Don’t fall prey to predatory lenders. Sure, someone may finance you. But the idea isn’t just to get financed when it comes to a long-term commitment like a home loan. The idea is to get financed at a good rate. So take a step back, continue paying your bills down and build credit. You can also dispute some items on your credit report - get a tri-merge report and see if there is anything that doesn’t belong to you. Even if it DID belong to you, if you had, say, a collection that is now satisfied - dispute it. Chances are very good that you will get it off of your report and your score will improve about 20 points. Be patient, keep up the good work on paying the balances down, and then try again. See if you can get your mid-score to 620 before applying again.

I wouldn’t use instanlend. That will cause the phones to ring off the hook for the next few days as numerous lenders run your credit, call you consistently, and only will give you more turndown letters. You need some REAL help.

Here is where to begin, your are doing the right thing but just need a trusted mortgage advisor to help navigate the tasks of improving your credit in the best way to get approved for the home you want to buy.

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