bad credit house loans

United States
May 30, 2009 2:44pm CST
does any one have any experience on trying to buy a house when you have bad credit?
1 person likes this
2 responses
@spalladino (17925)
• United States
6 Jun 09
Putting people with poor credit into homes of their own is what helped to bring down the real estate market in the first place and I believe those sub-prime loans are still locked up right now. In order to get a mortgage with poor credit, most people had to accept adjustable rate mortgages so their monthly payment would adjust to the rising interest rate. Many people were lead to believe that interest rates would not go up and, when they did, they found that they couldn't afford the payments anymore. Instead of looking for a sub-prime loan a better solution would be to try to repair your credit and increase your credit score. If you have high interest rate credit cards, try to get them paid off. Make all of your monthly payments on time and, if you don't already have a savings account, open one and put money into it regularly even if it's only a small amount.
@hanah87 (1846)
• Malaysia
30 May 09
I never have experience problem buying house.I am a student but i havee make a big loan study and need to pay it back with interest at 4%per year.It make me feel hard and always get headache to think about it.