Hi, I've been a casual user of this forum since the late 90s. I'm currently thinking of buying a home but my credit is horrible right now. I heard about this "no-credit check" home loan company on the radio ---> http://www.nocredithomeloan.com/ Does anyone have any experience positive or negative with this company? I would appreciate any info. Thanks
Let me know if you find out anything. My scores are in the gutter right now as well and i'm trying to work on getting a house as well!
Well looks like no one has heard about this company so I would guess it is fairly new or one of those predatory lender types. The only requirement that they have is a 5% down payment with no credit check.
I spent a lot of time scanning the info yesterday and much of the property that I liked is no longer available. It's still worth checking out. You might get lucky.
Don't think so!!! What state was that in? There are NO Doc loans, but no credit that I am aware of...hummm, BIG RED FLAG! In the dumps...what score? I know of a lender that will do 100% with a 525 score. Can have NO collections at close and need 3 tradelines.
Just browsed that site...BEWARE!!!! $500 upfront....sounds scary. Check them out carefully. Contact the attorney general, the better business bureau, real estate department in their state to see if they are licensed. This is the deal...you find a home for 100K, they negotiate it for 90K and they close in their name. You give them 5% and they sell you the home for "about 100K". So they have at least 15% equity and then you take the chance that they will indeed give you title. They will charge you 9.9% interest. My advice, put the $500 towards your collections, bills or down payment. Read, read, study, study and clean up your own credit to at least a 525 and get 100% loan where you have the control.
what places are you talking about that offer a 100% with a 525 score? and what kinds of rates are typical? i have a score of 547 with about 20,000 cash to put down, but figured i needed to get my score up before i looked into buying a house. i have no unpaid collections, no credit card debt, and only owe about 13000 on my car. any advice/tips?
Here's the deal No more than 2 30 day lates on mortgage or rent in last 12 months. Minimum of 2 years active credit history w/3 trade lines or more, open or paid. One trade line with a high credit of 2,500 or greater opened for 12 months or longer. Charge offs affecting the title must be paid. 24 month discharge for BK (some exceptions for 12 months). There are some other factors...too lenthy to go into here. With 10-20% down...scores of 500 can get a home loan (full documentation).
Rates are from 7-8% for the first.(I know) and 11-11.75% for the second. What is the price range you planned on purchasing? Of coarse the more you have down the better your rate...just like the higher the score, yadda, yadda. No debt is not necessarily a good thing to lenders. I know, I know...they want to see some credit history. Shows that you can make payments on time.
Thanks this info helps. For the CL >$2,500 >12 mos. would a savings secured loan work? I need to start NOW to get this all together for a year from now (smile).
Woo hoo! Thanks. It's all baby steps. Then I'll just up the amount on my existing savings secured loan to $2,500 so I can meet this requirement a year from now. Oooo, all the better --- maybe I'll up the limit on my savings secured Visa, since my credit union doesn't report that as secured -- hee hee! Home ownership -- here I come....
You can easily qualify to buy a house with an application looking like that. I'd reccomend an ARM to bring the rate down and refinance after you're scores have come up. Even if you went with fixed the rate would not be that much higher.
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Loan Queen: My scores are in the mid 700's. Lots of credit history, low utilization, and have 100k annual income. Unfortunatly I have an unpaid tax lien for 59k. The lien is uncollectable at this point as it is 12 years old and beyond the SOL for the irs to collect. Is there a mortgage loan program available for such a situation?
Loan Queen: My scores are in the mid 700's. Lots of credit history, low utilization, and have 100k annual income. Unfortunatly I have an unpaid tax lien for 59k. The lien is uncollectable at this point as it is 12 years old and beyond the SOL for the irs to collect. Is there a mortgage loan program available for such a situation?
IRS or state lien? If it's IRS they will usually subordinate (go into second position) with permission from the IRS and the lender. State lien, NO! I reread your post. If it's past the SOL and they cannot collect then I would suggest you contact an attorney about removal from your credit report. You may be succesful getting removed from your credit report with a letter to the CRA's, however, when the title company runs your social more than likely it will show up. I would contact a tax attorney to be sure. Otherwise you are good to go. Let me know if I can help further.
LQ the home loan you mentioned above is this for a tri merged report or just a single bureau that is run? are the scores averaged. a friend of mine has an issue with the CRA's one fico 551 another 627 the third no score one report clean with 2 positive TL aged 4 months one is a bank card for 5k the other dept store 800 2 of the CR shows a neg TL that has a consumer statement attached and is litigation with the same 2 positve accts. can this person be qualify for a HL?
