How To Get A Home Loan With Bad Credit?

+1 vote
asked Jan 5, 2017 in Real Estate - Renting by Bev (130 points)
I have a credit score of 400 and want to get a home loan so I can Buy A House instead of just renting.

How can I go about getting a Home Loan With a credit score of 400?

How can I also improve this credit score?

6 Answers

0 votes
answered Jan 5, 2017 by Judy (56,120 points)
You'll have to put up some collateral and maybe a bank will loan you money to buy a house.

If you do get a loan for house and you have bad credit the banks will take advantage of it and you will pay high interest rates.

Try to get that score up before taking a home loan out. Pay down debts.

If you need a car, some auto dealers will approve those with bad credit if you have some money down such as $500.00 and they will report your on time payments to the credit bureau's.

And your credit score will improve overtime if you continue to make on time payments.
0 votes
answered Sep 10, 2019 by Christeen (70,120 points)
Having a low credit score of 400 will make it very hard for you to get a home loan with almost any bank or mortgage company.

When you have a credit score of 400 you will need to have someone with a credit score of 700 or above sign the home loan agreement with you as a cosigner.

Then the home loan mortgage will be in both your names and you can then buy the home you want with the mortgage.

If your credit score is low you can help improve your credit score by using a secured credit card through credit card companies such as Capital One Secured Credit Card.

Then put up a deposit which is your credit limit and use the credit card like any other credit card.

Then overtime your credit score will increase as you use the secured credit card properly and pay the credit card bills on time.

Then once you get between 650 to 700 credit score you can get a mortgage on your own as long as you have enough income to pay for the mortgage payment.
0 votes
answered Oct 8, 2020 by Djonatan (2,260 points)

If you are looking for a company that can provide you with the required amount of money and doesn't pay attention to the fact that you had problems with the loan repayment in the past, then I can advise you bad credit loans in USA, which can provide you with financial assistance quickly and without paperwork. I believe that such companies have different conditions and interest rates, so when choosing a company in which you can take out a loan, first of all read more about the company's reputation, then compare interest rates in different offers and choose the opportunity that is reliable and profitable.

0 votes
answered Oct 29, 2020 by Cody Powell (840 points)

In general, I have got loans, because I needed extra money but anyone could not help me. My brother found out https://maybeloan.com/payday-loans #What_are_Payday_Loans Fast and easy – that’s the way to go. You will know within 10 minutes whether you’re approved or not. If by chance you don’t hear back within that time, don’t be afraid to give them a call. If you’ve got bad credit, they don’t see that as a problem. They offer fast online payday loans with no credit checks at all. As for me, it is a great choice for you. Good luck, man.

0 votes
answered Nov 3, 2020 by herdas (3,280 points)

Hi there! I would recommend that you try out some good and working services for this purpose like the one on https://theguaranteedloans.com/100-dollar-loans/, for example. I have been using it for some time, and I think you will like how it works a lot too, good luck with it, hope I was helpful :)

0 votes
answered Jun 10, 2022 by elijahwilliam (2,370 points)
If you are struggling to get a home loan with bad credit, don't worry! There are still ways to obtain a loan without having to pay high interest rates and fees.

The first step is understanding the process of getting a home loan even when your credit score is low. You will need to understand how the process works and what you need to do in order for it to go smoothly.

The next step is finding out what options you have for obtaining a home loan when your credit score is low. This includes seeking out an alternative lending source like friends and family, or finding an alternative lender that might offer lower interest rates or fees than the traditional banks.

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