2007-01-15 17:45:32 · 13 answers · asked by Anonymous in Business & Finance ➔ Credit
it's good and yes, but it depends upon the house and how much.
2007-01-15 17:48:32 · answer #1 · answered by jimstock60 5 · 1⤊ 0⤋
Sure you can. I'm going to assume that you have cured all your outstanding debt and your back on track to rebuilding your credit. If you still have tons of debt, you should look into paying off your debts first. Taking on another big debt isn't smart. So.... There are three ways to buy a house with bad credit. 1. You can buy a house using a Hard Money Lender. You'll have to come up with around 30-35% down payment and pay a high rate along with high fees, but they lend on the property, and your ability to re-pay the loan, not so much your credit. You will need to be able to refinance the property anywhere from 12-36 months, so that's why you need to start re-building your credit now. 2. There are still a couple sub-prime lenders out there and you will need to put 20-30% down and show an ability to re-pay the loan. 3. Probably the cheapest way to get into a home is to do a lease purchase or lease option. You can pay an upfront option fee of around 5% and do a lease term of 36 months. You fix your credit and at the end of the 36 months you exercise the purchase/option by refinancing the property and paying off the owner. Those are your options, oversimplified of course, but you can do it. Good Luck
2016-05-24 21:12:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
743 is an excellent credit score, but good credit alone will not qualify you to purchase a home. You must have adequate income and some banks require you to show assets. The best thing to do is speak with a lender/bank and go over what you qualify for based on your income and what you can afford. (I should know, I am a lender!). Good Luck!
2007-01-15 17:53:17 · answer #3 · answered by Dean L 1 · 1⤊ 0⤋
A credit score above 700 is not just good, it's EXCELLENT. You can pretty much qualify for anything. Yes, including a house with 0 money down.
2007-01-15 20:13:12 · answer #4 · answered by Oliver 3 · 1⤊ 0⤋
That is a really good score. The bank told me that there isn't much difference from 720 and the highest score you can get. You could easily get a house. With your good score make sure you look for grants for down payment. A good Realtor will suggest it.
2007-01-15 17:51:28 · answer #5 · answered by Peggy Pirate 6 · 1⤊ 0⤋
that actually is a very good credit score . and u should be able to get a great rate on a house
2007-01-15 17:51:28 · answer #6 · answered by staceydv4 4 · 1⤊ 0⤋
That's a good credit score. If you have the income to back it up, you shouldn't have any trouble qualifying for a loan.
2007-01-15 17:53:40 · answer #7 · answered by thinkcwik 4 · 1⤊ 0⤋
That is a good credit score, yeah you can probably get a house.
2007-01-15 17:49:54 · answer #8 · answered by userdefined 3 · 1⤊ 0⤋
That's a high score!
Congratulations!
The house will depend on your debt to income ratio.
Good luck!
2007-01-15 17:49:42 · answer #9 · answered by Rich 3 · 1⤊ 0⤋
It is very good...anything above 700 is very good. Yes you should qualify for a house loan.
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2007-01-15 18:44:31 · answer #10 · answered by lmn 2 · 1⤊ 0⤋