Credit issues?

Question

My parents are trying to get a new house in north carolina.

But they cant with their credit cause it sux. so i wanna know is there a place to get a lan with bad credit? please help us.

Answer 1

As long as they don't have a bankruptcy in the last 10yrs and don't have too many overdue bills or high credit card and loan balances then any mortgage broker will be able to get them a loan. Here's a couple of problems having fair/poor credit it will be very difficult for them to get a loan because a lot of subprime lenders are out of business or changing their underwriting policies to be more strict. Since home values are slowly decreasing in various parts of the land it will be that much more difficult to get that loan. Basically they are being extra cautious to make up for the lack of the restraint they showed in the past few years. So Just make sure they've gotten all of their credit card balances down below 50% and have made payments on time for an extended amount of time. But contact a Mortgage broker - he shops at multiple banks for your loan approval as opposed to walking into a bank which can only offer their loan programs.