BAD CREDIT home loans?

[Anonymous]

Do these actually exist? and if so are there any that are good ideas (not scams?) I realize that there will be a higher interest rate and all.

[Anonymous]

Generally no.  Subprime is a thing of the past.  There are hard money lenders but they are going to want 40-50% down...  They are not as concerned about credit, but mainly about equity...  And they will take the property the first chance you give them...

You can check into NACA, but it is a long process.  They will work with you to get your fincances and credit in order and if you follow their program you get a GREAT loan rate and fees, etc.  But, you would still have to have certain qualifications and it will take a long time...

Other than that, not much else.  ANything else is probably a scam.

[Anonymous]

Let's just say that there was a subprime loan, I think the overwhelming lesson of the past few years is that it probably wouldn't be a good idea.  Things don't get better with an 8% ARM. 

Improve your credit, get a safe, secure loan.  You definitely found the right site to get great advice.

[BrianB_The_Loan_Professor]

How bad is the credit

FHA will still go down to a 620 and it is a good loan

anything less than that you will need to work on the credit

(Many banks will want a 640 for fha)

[leesa88]

How about foreclosure on credit? I had one approx 2 years ago, scores tanked but luckily I was able to bring them back up to low 600's.. and hoping to buy again within the next 2 years.. hoping to get my score up to 650 or higher..

wha

[ShanetheMortgageMan]

Foreclosure requires 3 years to be eligible for FHA or USDA financing, 2 years for VA financing, and 7 years for Fannie Mae conforming (just 4 years for Freddie Mac conforming).  If it was due to extenuating circumstances (beyond your control) then after 3 years Fannie Mae will allow purchasing with their programs, but 10% down is required.