Where should I start if I want to buy a home, but my credit is bad?

episodic

Lifer
Feb 7, 2004
11,088
2
81
I understand it can be done, and there are some companies that specialize in it, and that my interest rate will be higher - where should I start? Google just returns a bunch of spam sites. . .
 

Caesar

Golden Member
Nov 5, 1999
1,684
171
106
you may wanna try asking the same question at fatwallet's finance forum
 

episodic

Lifer
Feb 7, 2004
11,088
2
81
Originally posted by: KingNothing
Have you actually gone to a bank yet to see what they'll offer you?

I've been turned down from a traditional bank. I know there are some places that specialize in lending to those with credit that is not so hot.

Was curious if anyone had experiences or thoughts about it?
 

jadinolf

Lifer
Oct 12, 1999
20,952
3
81
If your income is high and your job is very secure there is always a company out there willing to stick it to you.
 

episodic

Lifer
Feb 7, 2004
11,088
2
81
I don't understand why buying a home is such a big deal credit wise. I've 'always' paid my rent. I'll pay 'the place I live' before any other bill. Sheesh, If I can afford the monthly rent - and a house payment is much lower (which it is around here), why is it such a risk to lend? It isn't like they can't sell the house should I have a drastic problem???
 

episodic

Lifer
Feb 7, 2004
11,088
2
81
Lots of interesting posts - but no real links :p or thoughts.

I have a sizable downpayment ready.
 

BurnItDwn

Lifer
Oct 10, 1999
26,067
1,550
126
iF your place of work has a credit union, they may be able to help you out.

Otherwise you are likely to get a really horrible rate.

My father has good income , but declared bankrupsy about 2 years ago.


he recently bought a house and has over 8% interest rate on an adjustable rate loan ... with 20% down.

I have 4.25% on an adjustible with 0 down ... I make way less money, but I have much better credit. heh.