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In: Bad credit loans
9 Mar 2010I own a home now, but want to move. My credit has gotten bad since my last home loan. I would have at least 20% to put down on a new loan, do you think I could find someone who would finance me?
The credit problems I have now are from medical bills and other very small debts. I don’t have ANY credit cards, and my only other debt is my current house and car.
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9 Responses to Is it easier to get a home loan with bad credit if you have 20% to put down?
Tom G
March 9th, 2010 at 2:22 am
I’d say the chances are good. 20% is a high downpayment. It should help the credit issue. Call banks you’re going to apply to and just ask them this question point blank. They’ll tell you.
BRETT S
March 9th, 2010 at 2:42 am
if you own a home alredy and have 20% deposit that would be considered rich. if you are selling old home why is it u only 20% deposit.
Elle
March 9th, 2010 at 3:25 am
You should get a copy of your credit report so you know exactly what you are dealing with. You can get a copy for free at http://www.freecreditreport.com. If your socores are sub 500 you wont be able to get financing even with 20% down. You can clean up your credit in 2 years as long as you have 4 trade lines and make your payments on time. If your scores are above 500 and you do not have mortgage lates you can easily get financing in the sub-prime market. However, expect to pay a hight interest rate.
just wondering
March 9th, 2010 at 4:00 am
Probably, but you will not get the best interest rate. A big problem will be if you have too much other debt: car loan, credit card bills, etc. This plus the higher interest rate will limit how big a loan you can qualify for. Before you go house hunting, go to a reputable loan officer and find out whether you can get prequalified.
Another way to go will be to look for a house with owner financing.
I hope that you are taking steps to clean up your credit and to correct whatever mistakes you have made that have hurt your credit rating.
huh
March 9th, 2010 at 4:58 am
baby_luvx3
March 9th, 2010 at 5:47 am
To have 20% down on a new home would be a huge asset and would be looked at very favorably. Depending on your credit score your interest may still be sky high though.
My credit is very damaged from a bankruptcy, we bought a new house with 0 down by going through a private contract/owner financed.
Just a thought for you to check out.
ron d
March 9th, 2010 at 6:37 am
Worry more about your mortgage payment history….. With 20% down you should have no problems. If you have no late mortgage payment on your credit report which in the last 24 month you would be an A+ borrow.
tams
March 9th, 2010 at 6:44 am
Yes, but if you have that much to put down, make sure you use some of it to pay off any collections or late payments you currently have…that will help things along a bit.
sunshine_today
March 9th, 2010 at 7:39 am
http://www.naca.com
They are a non-profit housing advocacy group. They do their own financing, will work with you to get your credit back on track and they also work with banks. They do fixed rate loans. Check them out. If you have bad credit your terms with a lender aren’t going to be that great. NACA isn’t about profit, they are about getting people into houses. They got their money by taking on Fleet Bank for predatory lending and they won. Now they use that money to help others get into homes. Good luck!