Posted on April 30, 2011.
Both my boyfriend and I Have very, very bad credit.We Have Paid off all of Our Debts, but thats Still Does not help o cause.
We want to own a home and NOT rent.
How Are We Going To Be Able to get a mortgage w / Such bad credit.We do not Want To Be renters forever.We CAN AFFORD a home, drank We Can not Get the loan.
Jose Mcalpine says...
Veryyy confusedhere ,
If youpaidallyourdebts ,
Howcanyouhavebadcredit?
AhugepartoftheFICOscoreisdebttoincomeand ifyouhavenodebt...?
Onlyif therearechargeoffsandbankruptciescanitbe lessthangood .
Eitheryou waituntilyourscorecomesup withtime
Andthecharge offsorbankruptcyareoldhistory ...
Thenyoucangetagoodrate .
OR , suckitupandpaythe higher% theychargeforbadcreditmortgages .
Personally ,I'dgiveitacoupleofyears(ifwhatyousayistrueabouthavingNOdebt) .
It willsaveyouanadditionalfortunein%charges .
Inthemeantime ,saveupthe20%downsoyouarenotwasting$$$$$$$onPMI .
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Posted on May 1, 2011
