Equity Home Loans

Help with obtaining a bad credit home loan?

We are a single income family of 6 earning 70k a year with only $1500 in savings & first home owners grant trying to get a home loan for 200-220k. we were discharged from bankruptcy in 2003 have loan repayments of 988/month can anyone help We are a single income family of 6 earning 70k a year with only $1500 in savings & first home owners grant trying to get a home loan for 200-220k. we were discharged from bankruptcy in 2003 have loan repayments of 988/month can anyone help in Australia only

Public Comments

1. First of all, I would look for a home that would suit the needs of your family that is less in price. While it's true that many lenders in the past few years were approving people for much larger loans than they historically have and more than most people should have been approved for; that is one of the reason the mortgage industry's in such a mess right now and so many people are forclosing on their homes. The worst thing in the world is to be "house poor" and if your family is as large as it is but your total household income is only 70K a year, then I'd definitely look for a home in the $140k - $160K range MAXIMUM - if you can find a suitable home at a lower price than that, even better. Plus, FHA loans only require 3% down, the less the cost of the home, the less you'll have to put down up front. Just because you maybe got approved for a loan that high doesn't mean you have to buy a home in that price range. Your mortgage payments with PMI and prop. taxes and insurance rolled in will be well over $2k a month at the price range you are looking at. Also, unfortunately due to your past credit history, you will probably be stuck with a higher interest rate, which will be a higher monthly payment still. That's lot with a houshold income of only $70k. You just recovered from a bankruptcy in 2003, you don't want to get into financial trouble again. Don't be foolish. This isn't probably what you wanted to hear, but you really need to be looking for a lower priced home.
2. PLEASE DONT LISTEN TO THE 2 ABOVE ME THEY ARE SCAMMERS THEY WANT A UPFRONT FEE THEN THEY TAKE YOUR MONEY AND RUN RUN AWAY. AND YOU GET NOTHING....
3. Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation. Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership. You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off: http://www.axalda.info/bad-credit-mortgage.html