With the economy, would banks be more willing to give home loans to people with bad credit at a lower rate?
I’m thinking about buying a home in rural KY where I live now. I have horrible credit, so with reading my question above. What would you think? Or would I still be laughed at? I’m just outgrowing my home with my family. And renting sucks. I’m looking at a loan of 50k
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Given that it was lending to people with less than stellar credit ratings that got the world into this economic mess in the first place, I wouldn’t hold your breath on getting the loan - not at a lower rate anyway.
Irregardless, why would you want to be buying now? Rent for another year or so and see where the market is then. There are many alt-a mortgages resetting in 2009/2010 that will be contributing to the “toxic assets” held by the banks.
One of the reasons we in the current financial mess is that banks FORMERLY did what you want. That is now history. Credit requirements are now HIGHER than they were previously. Work to improve your credit score before you start thinking about a mortgage loan.
Actually you will find banks a bit more picky over who they loan to. If you can’t convince the bank you are good for the money then you most likely won’t get it.
Working in the car business we are finding it harder to get people financed, banks are scared to lend to high risk people.