Mortgage w/bad credit?

I saw a question about this w/positive answers, but me and my hubby had no luck. We both had bankruptcy (before we were together), but had good jobs, and our only collection accts. were medical bills or credit cards. We have great cred. with our secured debts, but his score was 565 and mine was 594. We tried for over a year to find someone to finance us even a home less than 50k and had $5000 to pay down---no dice! Nowhere! Most companies wouldn't even give us the time of day because we had filed bankruptcy in previous years. If anyone knows of a miracle company out there please tell me!

I dont know if you qualify or not but check out www.ameridream.org. They offer down payment assistance to low and moderate income families. Even if they cannot help you with the down payment offer, they would be an extremely credible source to help direct you on how to make your goal a reality. They should know who the higher risk lenders would be. Good luck. Just make sure you don't get into more credit trouble by sticking to a realistic price budget and factor in costs for maintenance, tools, supplies, etc. because they sure add up.

try lendingtree.com or other "dot com" companies.

clarkhoward.com. He knows it all. Especially subjects pertaining to MONEY$$$$ He is very frugal but has alot of clout. GOOD LUCK!!!!

You should try www.lendingtree.com. But, first - fix the credit !!!

I don't know of any specific mortgage companies that would give you credit, but most will give you a mortgage if you have had the bankruptcy for a few years and have established good credit since then. I would call around and see if you can find a mortgage broker who will search the rates and lenders for you. They do cost more in origination fees and you will pay higher interest rates than most, but if this something that you want to do, then you should. If you want to try to go on line and see if you can qualify for a loan, then go to www.eloan.com, or www.lendingtree.com. You might be able to get something of an idea from them. Another thing that you can do is lease with an option to buy or owner finance. Check all those out...

Your situation sounds just like my husband and me. We went through a mortgage broker in Hot Springs Arkansas called DFS Mortgage and Finance. He found a lender for us - Citifinancial. We didn't get a great interest rate, but after 2 years of making payments on time, we were able to refinance with Citifinancial and get a better rate.
My advice to you is to find a smaller mortgage broker and let them help you. You'll have to pay them, too, but it's well worth it to own a home!
Good luck!!

While it is possible you may find a mortgage somewhere your interest rate and fees will likely be horrific, perhaps even negating many of the benefits of home ownership.

My suggestion is that you continue to pay down debt that you have, get collections removed from your credit, and do some research about how to improve your credit score. You may even have to wait until seven years after your bankruptcy before you can buy a home.

Lenders have plenty of business from people with good credit, and few want to get involved with people like you (no offense). You had good jobs, but still ruined your credit, you had bankruptcy yet still have outstanding collections on your credit. Companies see this as a pattern of credit mismanagement and so don't want to take a risk with you.

If you educate yourself on the ways to improve a credit score (there are some great articles out there) and make positive steps to making these adjustments, along with saving up a 20% deposit, you will be well on your way. It make take a few years, but you can get there eventually.