Mortgage loan with bad credit?
Written By: admin on July 20, 2009
2 Comments
I know with the economy not stabilized banks are more strict in giving out loans to buy homes especially those with terrible credit. Does anyone know if any banks are loaning money to buy homes with less than perfect credit as long as the person has a job?
I’ve tried cleaning my credit on numerous occasions, but the creditors would just my credit report as the account "paid in full" but it doesn’t raise th score unless they change the status form collections to "paid as agreed" which they’re not willing to do.
Please help
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There is a common misconception about credit history. People don’t get it that credit history is a record of what happened in the past. Just because you’ve paid an account in full does not change the fact that there’ve been late payments in the past.
Banks take a lot of factors into consideration. Someone borrowing money to buy a house is asking the bank to take a *Risk* that they (the bank) won’t get stuck with a house to try and sell; that the buyer will make their payments.
So, "terrible credit" tells the bank you have a history of not paying your bills on time. Sorry; it’s hideous sounding, but there it is. What you CAN do is go talk to a loan officer at a bank where you might like to do business and question for their advice. Without formally applying, tell the loan officer that you’ve had distress in the past, you are back on the Straight and Narrow, and want to know what you can do that will most quickly get your credit score up to where you can get a mortgage.
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