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by TraceMe827 on January 27th, 2008

TraceMe827

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I want to buy a house near my daughter. My husband and I had great credit. We are divorcing and my good credit has disappeared and now I have bad credit from hospital bills only. I and challenging those. Can I finance a home with 15% down? with whom?

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Answers. 6 helpful answers below.

  • by shammers still slogging along on January 27th, 2008

    shammers still slogging along

    It depends upon how "bad" is "bad." Wachovia has the best overall program for home financing at the moment, but your credit has to be pretty good. Check with B of A or Countrywide so you know what your credit score is. Fifteen percent down is usually good enough but it all depends upon your income, years with the same employer (usually at least 2)credit score and if you can prove your income through last year's W-2, tax returns and current pay stub. Hope this helps a little.

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  • by miki12727 on May 18th, 2009

    miki12727

    It really depends on your credit score. Depending on the amount and the credit score will depend what type of loan is available for you.. No matter how much you put down these two requirements will be a guideline to getting qualified. FHA and other conventional loans are available..The first step is to discuss your financial with an experience mortgage financial advisor like me with 25+ years in mortgage financing.
    my phone number is 209-962-0263 and my email is maryann@allrmc.com.Hope to hear from you!

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  • by aoresto on May 3rd, 2009

    aoresto

    All right, credit is a factor in the finance world--yes there are programs where you can put 15% down. Whether or not your credit needs improvement before you can qualify, depends on your largely on your FICO score. There are multiple institutions that allow for 15% down. I can be reached at 908-202-5272 if you would like to discuss further, I'm been in banking for 10 years now. I hope this helps--Andy.

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  • by mttdal on July 22nd, 2008

    mttdal

    mistake

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  • by pitt fans on April 28th, 2008

    pitt fans

    You should be able to do this with out a lot of trouble! There are a number of government programs in addition to FHA nad VA that you can use even with BAD CREDIT & only 3 to 5% down!!! Fannie Mae & Freddie Mac also have programs you should look at. I know of some 100% government backed programs that will allow you to get the closing cost & pay off debt using seller concessions!!! Feel free to email me at bill@tymortgage.com and I will be glad to answer some questions and point you in the right direction.

    The programs I mentioned above are NOT Sub-Prime lenders and are all FIXED 30yr rates even with bad credit in the 6% range!!! The 100% program does NOT have mortgage insurance either! Putting 15% down is an option but you should not need to other than to lower your monthly payment!

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  • by ComicGoofBall48 on December 2nd, 2008

    ComicGoofBall48

    Yeah I'm pretty much In the same boat as you are, And I've been told by family members In the business that as long as you have at least 20% for a down payment that you can be able to get a mortgage as long as you can explain the reasons for the bad debt and can straighten It out In the future.

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