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5 Replies Last post: Sep 23, 2008 3:58 PM by CARPAYDIEM

I need a loan but have bad credit...what are my options?

May 12, 2008 1:03 PM

Click to view TexasGal's profile Professional TexasGal 3 posts since
May 12, 2008
I have been trying to find a way to buy a house for a year and have bad credit. I have found a house that is in a great neighborhood, not to expensive, walking distance to work, but cannot seem to get qualified with my credit score. They will do owner financing but I still am in need of $3000 down and cannot get a personal loan for that either because of credit score. Are there any options out there for me? Or anyone willing to help? Thanks you in advance for any help or advice given!
Tags: bad, credit, loan, bad, credit, need, funding Report as inappropriate
Click to view ironman's profile Start-up ironman 1 posts since
May 12, 2008
1. Re: I need a loan but have bad credit...what are my options? May 12, 2008 3:12 PM
Hey Texas Gal,

my only answer is set a budget to get the downpayment together as soon as possible..I am a firm believer if it's meant to be it will happen! :)
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Click to view TexasGal's profile Professional TexasGal 3 posts since
May 12, 2008
2. Re: I need a loan but have bad credit...what are my options? May 12, 2008 3:48 PM
in response to: ironman
Yes, setting a budget is a very good thing to do! But I do not have 6 months to a year to reach a goal like that. Plus I have only a couple of months to get out of the house I am renting. And I keep getting told that I do not have enough open credit accounts to be able to qualify for a mortgage ever. So I am basically looking for something to help re-establish my credit and have a down payment for a house. Thank you for your advice, If it's ment to be, I will or won't find a way :)
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Click to view Haileysdad's profile Professional Haileysdad 4 posts since
May 12, 2008
3. Re: I need a loan but have bad credit...what are my options? May 12, 2008 3:59 PM
in response to: TexasGal
Google..first time buyers programs. Sounds like FHA might be able to help you. But remember with the market going the way it is, it is getting harder and harder to get a mortagage. But there are lots of programs out there, you just have to look. Unless you debt ratio is just to high, you should be able to find something. Google.. Home America Mortgage and Taylor bean and Whittaker Mortgage, they both use FHA loans alot. Good luck, and keep your head up...
Eric
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Click to view TexasGal's profile Professional TexasGal 3 posts since
May 12, 2008
4. Re: I need a loan but have bad credit...what are my options? May 12, 2008 4:17 PM
in response to: Haileysdad
I have just started to do some research on FHA, My problem is that my current credit score falls right below 500. Which is not good, I actually talked to someone from Countrywide today and she told me that I needed to open a credit card or get a loan and then try again in 6 months to year that way I would have more that one credit account (My Auto loan) open. Using google is a great I idea thank you!
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Click to view CARPAYDIEM's profile Professional CARPAYDIEM 13 posts since
Dec 19, 2007
5. Re: I need a loan but have bad credit...what are my options? Sep 23, 2008 6:35 PM
GO to www.NACA.com They will help with all your needs also no down payment and a fixed 6% rate plus they Work with the Best Bank of America trust me this is all you will need.
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