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Can anyone help me locate lenders that are willing to loan to people with bad credit (only bad due to NOT having credit cards!), and only a small down payment? I know they still exist, but need some leads.
It’s not a matter of not affording the house. We’re looking for $ 60,000 loan, nothing major. We already pay that much every month, and have faithfully for six years. It’s just the credit that is stopping us. They like our income level, and job history, it’s just the fact that we don’t do credit cards that they’re telling us is hurting us. Ironically, staying out of debt is keeping us from getting the house! Ha!
Fort Sil, it probably has something to do with us being in CA. They are tougher on everything here, and one lender said that it’s CA that wants borrowers to have a credit score of at least 620 (I’m just barely under that). Because we don’t have credit, we don’t finance vehicles, our credit score is much less. But, other states only require a score of around 580. Not good ole’ CA!

5 Thoughts on Bad credit mortgage lenders?
  1. Reply
    Real Estate Guy
    December 13, 2011 at 3:55 am

    RIGHT and then you will come back and say that the lender screwed you and you can’t afford to pay the mortgage. And then DEMAND that the government help you.

    YOu can’t afford the house, you can’t buy the house.

    *****EDIT***********
    The lender can use electric bills, rent payments, insurance payments to create a credit history.

  2. Reply
    MadMan
    December 13, 2011 at 4:15 am

    Your only chance is an FHA lender in your area.

  3. Reply
    Leo F
    December 13, 2011 at 5:09 am

    THEY DO NOT EXIST!!!! Sorry but people with good credit and money to put down are having a hard time getting a loan. Just wait the scamers will be posting here soon and remember GOD sent them, just like they say. Sub-prime brought this country to ruin!!!!

  4. Reply
    Fort Sill Army Wife
    December 13, 2011 at 5:58 am

    Im not sure why they are denying you i what you say is true, we have no credit cards, my husband and I dont believe in them, if we cant afford it then we save for it, if we still cant afford it then we dont need it. We have 2 things financed our SUV and our house, Which we just purchased Jan 22, 2009

  5. Reply
    Noneya
    December 13, 2011 at 6:29 am

    Sorry but is has nothing to do with CA. Almost all lenders have gone to a 620 score requirement for FHA loans regardless of what state you’re in.

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