How can i get a good loan to purchase a home with bad credit and a low interest rate?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
You probably can't. It is good to have good credit.
How can i get a good loan to purchase a home with bad credit and a low interest rate?Depending on where you live you may want to try for a FHA loan. Otherwise you may qualify for a first time buyer loan. The best way to find out what you qualify for is to find a good mortgage company. I used Exchange Financial and they were able to get me a great loan with 5.7% interest and I had crappy credit.
How can i get a good loan to purchase a home with bad credit and a low interest rate?Unfortuntley, it won't happen. Pay all your bills on time for at least six months to year...pay down all credit cards to at least half its balance. After showing stability, you will be able to obtain a low interest loan. Try to go with FHA...only 3% of the purchase price is required....If you filed a BK....you have to show stability for two years before purchasing a home and obtaining a good interest rate.
How can i get a good loan to purchase a home with bad credit and a low interest rate?Bad credit, good loan and low rate? Not likely. FHA would be the best shot, but it too requires reasonable credit scores of 580 minimum, no late pays in the last 12 months, no outstanding charge-offs, any bankruptcy to be over 2 yrs. from discharge.
Rates are ALL about the risk to the lender. If you are a high risk borrower, the risk is high to the lender that you will not repay the loan. In order to induce the lender to tke the risk and loan the money, interest rates are raised as a reward the lender for being willing to take the risk. They risk loosing part or all of their investment in you.
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