bad credit history loan

Any general questions you might have in regards to loans and finance.
ka2jo7
Posts: 33
Joined: Mon Jun 15, 2009 12:38 pm

bad credit history loan

Postby ka2jo7 » Mon Jun 15, 2009 3:30 pm

I do not have very good credit and was wondering how hard would it be to get a home loan right now?

pine
Posts: 48
Joined: Mon Jun 15, 2009 4:01 pm

Re: bad credit history loan

Postby pine » Mon Jun 15, 2009 4:07 pm

I have another question regarding bankruptcy. My sister and her husband had to declare bankruptcy due to a failed business. They are now wondering if they will be able to get a home loan after their bankruptcy is discharged (in a few months). Both working full time now.

Do they have to pay more deposits? Does anyone have similar experience?

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Otto Dargan
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Re: bad credit history loan

Postby Otto Dargan » Mon Jun 15, 2009 8:51 pm

Lenders are very wary about people credit history at the moment. I would only recommend that you apply for a loan if you have a 20% deposit if you have been bankrupt recently.

Some people may be able to get a home loan if they have a 10% deposit, all their defaults have been paid and they have stable employment. A good reason for the credit problem is essential and it must be backed up by a default explanation letter as well as other proof.
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