Consumption and Real Estate
I get a mortgage with bad credit history and CCJ?
I have bad credit and have CCJ in the last 12 months, I will always be accepted for a mortgage?
CONTACT ADMIN
Email:admin#raestate.com
Log in
Hello Guest. Login below if you have an account
The way reputable mortgage companies are handling loans right now, I would doubt it. If your credit score is at least 700, then perhaps you could get a mortgage from a lender online. However, due to the recent mortgage crisis, many of the criteria that were used in the past few years to qualify borrowers, has been thrown out the window. Lenders got burned when many bad credit people walked away from their homes and wound up in foreclosure.
There is a new FHA Express mortgage available now and you may qualify for that. 3% down and you can borrow up to 95% of the home’s value.
Bad credit borrowers are very risky and the lender doesn’t want to take a chance that you’ll default and stick them with a house they cannot unload.
My advice? Wait a couple years, clean up your credit and stuff some money away. Even $50 a month stuffed into a savings account is better than nothing. If you have a larger down payment, lenders will think that you’re less likely to default if you have a good chunk of your own money to lose, and you’ll qualify for a better interest rate. That saves you big money in the long run.