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My husband and I were jsut married, we would like to purchase a home, but we both have bad credit and no money to put down. does anyone have any ideas on where we could get a home loan. We do not have family or friends to co-sign for us either?
Looking for a loan?Talk to a reputable Mortgage Broker and see what your credit situation really looks like and what your scores are. They can review your credit report and see where corrections and re-scoring could benefit you for better financing options. Make sure they review your entire financial situation-income, bank statements, assets, etc. along with your credit report. All of these items will determine the financing terms and conditions that you will qualify for.
Most people don't realize that they can qualify for FHA lending which is not heavily score driven. FHA loans right now are at excellent fixed 30-yr rates. If you cannot qualify for FHA, then a Mortgage Broker has access to a variety of lenders and loan programs to determine what would be the best solution to your financial situation.
At least this way, you will know what you can afford and the types of financing available to you.
Looking for a loan?Do you have an idea what your FICO score might be? There are many lenders these days that will finance people with poor credit. Seek out a local mortgage broker and they should be able to give you a few options in regard to loans.
Bear in mind that you will be paying an above average rate due to the poor credit and maximum financing. Good Luck
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