I defaulted on approximately $100K worth of debt in 2006 which has obviously affected my credit score. I now have a very good job with $150K in household income. Additionally, I have $16K in cash as well as $36K in a 401K. I’m very stable – have been with my current employer for 5 years a mid level manager.
The poor credit will ‘fall off’ my credit report in three years. I have an opportunity to purchase the home I am leasing for approximately $200K.
Are there any legitimate lenders that will lend to someone with good income, employment and assets but a poor credit score? FHA will not consider me due to the outstanding ‘debt’ associated with the charged off accounts from 2006. Yes, I did attempt to file for bankruptcy, but got taken by an unethical attorney. I’m not interested in credit repair scams to allegedly ‘improve my score’.
I know there must be others in my position with everything except for the credit aspect. Therefore, I’m guessing there must be an alternative market to fill that niche.
Am I correct or am I way off base?
Categorized | Affiliate Marketing 101
I Have A Good Job And Good Assets But Poor Credit. How Do I Get A Home Loan?
Posted on March 29, 2011.
Ask a family member to co-sign the loan for you.
Sorry, but the days of giving home loans to people with credit issues ended years ago. There are no programs to assist people in your situation. You are just going to have to wait for the three years and then buy a home. Banks are being SUPER picky as to who gets home loans these days. Also, for your income level you really don’t have that much cash or 401k saved. Right not, saving more money while you do not have a mortgage should be priority #1 right now.
I was in basically the same circumstance recently. I was able to find assistance from here; http://www.mylowscoreshare.tk
When I lost my job last year we ended up maxxing the credit cards out to stay afloat whilst trying to find a new job.
Because it as long is it did we basically found ourselves with more than 14000 in total debt and had to pay 4 different credit card bills every month and things we’re getting out of hand.
We went through all the options and spoke with a lot of people and concluded that consolidating the payments best way to go. We went to a well known debt company and they helped us get the payments right down into one easy monthly payment.
Today I’m back to financial normality and aren’t broke each month and we’re all much more positive!
This is their link to the company I used firstreducedebtsite.tk – check them out!
Good luck.