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My husband and I both have “bad” credit. I talked to the mortgage advisor and he said there is still a chance to get a loan. Just curious if anyone has any information on the process of buying a home. Were first-time buyers and buyers looking to Chalmette, Louisiana What was destroyed by Hurricane Katrina. You have thousands of homes for sale that are not expensive.

3 Thoughts on My husband and I buy in the process of completing a loan application for a home. While?
  1. Reply
    October 27, 2012 at 4:18 pm

    The more of a downpayment you have, the more leverage you have in obtaining a loan. Also, if the home is in poor shape you will have to put a minimum 20% downpayment. Try some FHA loans if possible, they are somewhat forgiving when it comes to credit.

  2. Reply
    October 27, 2012 at 4:28 pm

    define poor credit. You should be able to get your credit score so you can shop different lenders. Insist they provide you with the proof that your score is poor.

    Take that info to 10 different lenders and go with the one you like best.

  3. Reply
    October 27, 2012 at 5:02 pm

    Unless you have a score under 500 (and even then) you can get loan. high interest rate though, be prepared. answer questions honestly and do not inflate income. 620 and over no problem. be sure house you buy appraises 20% above asking price or walk away is good rule of thunb especially in depressed areas

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