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    vickylwatson's Avatar
    vickylwatson Posts: 1, Reputation: 1
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    #1

    Apr 28, 2008, 09:18 AM
    Getting a Home Loan on bad credit
    I want to get a home loan through a bank for the home that I bought as a land contract. Any banks out there that will do this?
    progunr's Avatar
    progunr Posts: 1,971, Reputation: 288
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    #2

    Apr 28, 2008, 09:22 AM
    Given the current mortgage situation in the US, now is probably not a good time for you to be looking at this option.

    Really it depends on just how "bad" your situation is.

    There are many on-line lenders that you could easily apply with and see what kind of answers you receive.

    Hope it works out for you!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Apr 28, 2008, 09:28 AM
    How bad is your credit ?

    What is the current appraised value of the home and what is the price still owed.
    For example if you owe 50,000 on a 75,000 house, you will have more luck. If you owe 50,000 on a 51,000 home or 50,000 on a 49,000 home then most likely no.

    There has been so many foreclosures in the high risk loan market, many of these lenders have went bankrupt

    Also how is your current bill situation, are you now current with everyone, also what is your debt to income ratio.
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