How can I get a home with Terrible Credit, but Great Job?

Answer 1

Believe me, it can be done. I really messed my credit up in college. I got tired of renting and decided I would just go to the bank and see what they could do. I was a little nervous, because I am single and really didn't think there was any way I was going to be approved. They were awesome at the bank and found a loan that I actually qualified for. I closed on my house last November! Just check around and see what different banks offer. You will never know until you try! Good luck!

Answer 2

There are other factors to consider, besides credit. Job time of 2 years, collections on credit report - judgements on credit report. All of these are taken in as a factor on getting a home loan. Credit can be worked on, by adding alternative credit. If you are paying regularly on a cell phone, auto insurance, rent, etc - these are called alternative credit.. All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable, with a seller second - etc the higher the credit score the better. Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - Hope this helps - There are also Government programs out there, but they too are looking for job time, etc.....They are not so much looking a credit - but the other factors are taken into consideration. With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true.

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score.

Answer 3

It's easier to get a home with great credit and no job, I'm afraid. But if you do have a well-paying job, maybe you can save up a big enough deposit the loan company will think twice before rejecting your application.

Meantime work on some credit-building activities. Get a pre-paid/cash-secured credit card, use it a lot and pay it off instantly every time...

Good luck!

Answer 4

If your bad credit includes collections or debts that have been written off you will need to make a settlement with these companies to get you back on track. No one will give you credit with R-9's or written off debts or collections showing as outstanding. Once you get these squared away approach a financial institution showing your good job stability. If you currently deal with an institution and they know you, start there. If not, i suggest starting with a credit union as they are often more helpful getting people's credit back online than banks. You may have to start with a secured loan (secured by vehicle or better yet cash) and pay that back on time every month for 6 months..this will bring your rating back up as long as all other debts are brought up to date.

Answer 5

We went FHA, we just had to show where everything was settled or paid. Try calling and settling for half or even less and just do one bill at a time. I also sent letters to the Credit agencies for some things disputing the charges and if the company doesn't respond in 30 days it is taken off your credit or marked settled.
We just had to put 3% down for an FHA and financed our closing cost into the loan. Countrywide really helped us.

Answer 6

Just start step by step to begin to change your payment/credit history. There are some credit counseling agencies who can help by reducing your interest and setting up a plan . If you stick with it, you will begin to see the light at the end of the tunnel in a relatively short time. But even the best plan will take time and effort.

Answer 7

I would need to know your credit score and state and how much your looking to finance. I am a loan officer and would be more then happy to help you. Email me scenario to [e-mail]

Answer 8

Are you running ANY extended credit line? If so, keep doing this on-time; as this is showing faithful payments!

Answer 9

partner up with someone who has great credit or take over someone else's mortgage.

Regards

Answer 10

Pay cash!