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Bad credit Home loan, How can you get a home loan with really poor credit?

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My husband, myself and our kids, are living with his parents, for the past six months. We both have very poor credit and are in desparate need of our own place. We now can afford our own place but cannot get a loan to purchase one. We have down payment in hand, and the monthly income to afford everything, but we are still without a home! Can someone please help with an idea of how to get a 00.00 loan?Watch Shark Exorcist (2016) Full Movie Online Streaming Online and Download?

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    You simply will not be able to get a mortgage with poor credit. There is no way around it. You will have to clean up your credit and rebuild a decent score.

    Mortgage companies will require that you resolve all outstanding derogatory items. Start negotiating settlements — newest first and work back to the oldest. Derogatory items age off in 7 years so anything close, you may want to just let age off. You should be able to settle for 25% to 75%, depending on how old the defaulted debt is. Lump sum gets the best deals. Payment plans must be short term. Get any settlement agreement in writing before you pay. Keep that agreement, along with your payment proof, forever. Do not give collectors direct access to your bank account.

    If you do not have a current, open line of credit, get a credit card, even if you have to get a secured card. Use the card and pay in full each month. This will build good payment history. You will need at least 24 months of consistent, on time payment history to see improvement in your score. The worse the credit, the longer to get a decent score.

    bdancer222 - Sep 06, 2012 | Reply


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