How do you go about getting a loan for a home when your credit is really bad? I mean really bad, like 480 to 500. I have no money for a down payment, but my family qualifies for all kinds of free money programs. I just need a lender who will give me a regular mortgage loan. Anyone know what I can do?

In todays market good luck. If you had 3% down and closing you would have a chance with FHA as it stands no No one will take that big of a risk. And if by chance some loan shark does, with the interest rate you will be in worse shape a year or two from now than you are presently in. Work on cleaning up your credit first

At 480 or 500, nobody a a Mafia loan shark would loan you any money, and the collateral would be an arm and a leg! About all you can do is work on repairing your credit by regularly paying your bills, etc., over the next five or more years, and then apply for a mortgage loan after you have at least a 10% down payment saved up.

In todays market good luck. If you had 3% down and closing you would have a chance with FHA as it stands no No one will take that big of a risk. And if by chance some loan shark does, with the interest rate you will be in worse shape a year or two from now than you are presently in. Work on cleaning up your credit first

DO NOT BUY A HOUSE, even when you get the loan, the interest rate will be so high, and you can't make the payment, they will take your house away. Why bother to make your credit worse.

Fix your credit.

If you find a lender to do this loan, the terms will be ridiculous. And 100% loans are all but extinct.

Sorry, but you are going to have to do this the old fashioned way. Save money, pay your bills on time and then go forward.

In todays market good luck. If you had 3% down and closing you would have a chance with FHA as it stands no No one will take that big of a risk. And if by chance some loan shark does, with the interest rate you will be in worse shape a year or two from now than you are presently in. Work on cleaning up your credit first

Fix your credit.

If you find a lender to do this loan, the terms will be ridiculous. And 100% loans are all but extinct.

Sorry, but you are going to have to do this the old fashioned way. Save money, pay your bills on time and then go forward.

Fix your credit.

If you find a lender to do this loan, the terms will be ridiculous. And 100% loans are all but extinct.

Sorry, but you are going to have to do this the old fashioned way. Save money, pay your bills on time and then go forward.