bad credit history loan
bad credit history loan
I do not have very good credit and was wondering how hard would it be to get a home loan right now?
Re: bad credit history loan
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?
Do they have to pay more deposits? Does anyone have similar experience?
- Otto Dargan
- Mortgage Specialist
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- Joined: Sat Sep 06, 2008 5:55 pm
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Re: bad credit history loan
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.
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.