Bad Credit Mortgage in Colorado …. possible or just declare bankruptcy?
We are looking to buy our first house in the Denver area in about a year. We both have bad credit / age (both are below the credit ratings of our 600) Our income will about 75k (I'm up nursing shool finshing) We are trying to see if this is possible or if it should just be content renting for several more years. We expecting a higher interset rate. I've heard of "B loans" and "subprime lenders" and have been trying to look at them. We are trying decide whether bankruptcy should only be present now and see if our credit is improved or if you can get a loan? Will we need 20% down with this bad credit can help or bankruptcy?
Bankruptcy will not help your credit score … make things worse. Keep renting, repairing credit. Talking to a loan officer at a bank or credit union about how to improve your credit. Take their advice. Loans are based on several things. Your credit history, length of employment at your current job, your income-debt ratio, the value of the collateral (in this case ownership) compared to the amount to borrow and their "character" as perceived by a credit bureau. You do not always need 20% down payment … Sometimes that amount may be a second loan. for''bankruptcy is not for convenience. It is assumed that those who can not pay their debts because of any important status is beyond their control. It will not improve your credit rating. It will not improve your chances of getting a loan and will not improve the conditions of any loan you get. Repair your credit score. You have created yourself … fix it yourself. It can and has.
Bad Credit Mortgage
Best Wishes,
