Home Mortgage Loans For People With Bad Credit

There is a HUD home for about $ 30,000, my husband an i plan to buy, we needed a mortgage for about $ 50,000. We do not have good credit, can help VA ready for it? Other suggestions?

It may help, they are less strict, it depends how bad is bad.

However, there is no way in hell anyone would give you 50k to 30k to buy a house. Even bright shiny perfect credit that would not happen.

The maximum mortgage that you could possibly benefit from 30K, the purchase amount, but even that much is not likely with bad credit. 24k 30k to the house is more likely.

A VA loan allows you to buy a house with no money down, but I think there are still credit requirements. My husband is eligible, but still had something bad on his credit - a collection or something and we were told we had to wait until it has been assumed. If you have a mortgage broker near, one who works with several lenders differed, they will meet with you, often free, take a look at your credit and tell you what they can do, or what must be done before you qualify for a loan.

VA home loans are not credit score driven, but the banks who fund these loans are the minimum credit guidelines for people with bad credit (which is very different from the lack of credit).

Most banks have a guideline minimum of 585 mid-score, if you can not answer that, they will not secure the loan, period.

VA loan is simply a loan that is insured. It is not a free-for-all other subprime.

PS: No bank, no loan program allows you to borrow more than the house is worth.