My husband and I have a descent income and job history.We dont have any revolving credit and all old credit is deliquient.We tried to use consultants but it's been taking to long and we just been trying to find owner's that are selling there own homes that might give us first time buyers a chance. We have never been in bankruptcy or debtors court nor owe any loans.Its just old medical bills and very few misc. items things that isnt going to change my credit score.I wish I could have known just how important credit is when I was younger!!!!
2006-06-11 11:32:37 · 6 answers · asked by pretsherman 1 in Business & Finance ➔ Credit
One of the best ways to build up good credit is to pay all your bills on time. As first time home buyers you may qualify under one of the special Fannie Mae programs. Also I would suggest vsiting consumer advocate Clark Howard's website.
2006-06-11 11:38:27 · answer #1 · answered by MJ 6 · 0⤊ 0⤋
Oh man, you CAN get a loan, but it will be a "Sub-prime" loan. That is similar to a payday loan scam. While it's legal, you will pay dearly for the loan.
If your bad debt is over 5 years old it is NOT having the large negative impact you think. The low score is a result of NO NEW POSITIVE credit. What have you done in the last two years that is "credit worthy" and shows up on paper? Do you have a quality credit card with an appropriate limit that you have paid each any every month on time (and in full)?
p.s. "rent-to-own" is considered sub prime credit - don't go there!
You need to build quality credit if you want a quality home mortgage.
2006-06-17 16:05:25 · answer #2 · answered by Paula M 5 · 0⤊ 0⤋
click on my pic to the left
on my profile there is a bad credit link
there is a company that compiles banks and lenders for people in your same situation
here is text from their site
"We have over 80 Little-known Banks & Companies that offer Bad Credit Loans, Bad Credit Home Loans, Bad Credit Auto Loans, and Bad Credit Personal loans to people with Bad Credit or even a Bankruptcy"
2006-06-11 18:40:50 · answer #3 · answered by umdanddvd 3 · 0⤊ 0⤋
I'm a loan officer out of Michigan. We also do out of state lending. $750/mo can get you a decent house. We finance credit scores 500+ so if you're interested contact me, my name's Josh.
2006-06-15 15:44:51 · answer #4 · answered by Wishkah 2 · 0⤊ 0⤋
$750.00 a month??? You can't even rent a 400 sq. ft. studio apartment in California for that!!! Hell, you can't even get park space for a mobile home for that. (Well, in some down down parks maybe).
2006-06-12 00:20:47 · answer #5 · answered by Anonymous · 0⤊ 1⤋
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2006-06-17 11:34:06 · answer #6 · answered by ccccccccdddddgggggrrrrwwwsszcvbn 1 · 0⤊ 0⤋