Is it possible to buy a home with a very poor credit score?

Question

It is 553. (I know shameful...) I make $42,000 a year and want to work on my credit. (It is bad from being young and silly)

Answer 1

Yes it is possible. We all make mistakes, now the best thing is to fix them and you seem to know what you did wrong and are on your way to fix it. Get with a Realtor and tell them your situation. Be truthful. There are loans designed for people like you. Granted they are high interest but establish yourself and once your credit starts to get better, you can begin to show them you are ready to make a fresh start. The best of luck to you.

Answer 2

Buying a home is the single biggest investment that the average American will ever make. You want to do it the right way so it will help you and not hurt you (and your finances!).
I think you answered your own question by stating that you want to work on your credit. A lot of people get this backwards by buying the house first and working on the credit later. You will save yourself a lot of time and money by getting your credit straightened out from the beginning. Truthfully, yes you can buy a home with that credit score, though most lenders will want to see at least a 620 (as long as you go to a reputable lender). You will get hosed on your interest rate if you try to buy now. You also may get cornered into a predatory loan with bad credit and that's not good.
When you go to a lender for a pre-approval, they will tell you exactly what your credit report should look like. For example:
- no open collections, judgments, liens or charge-offs
-----if there are any of these open, they will want proof of payment arrangements
- at least 2 years' time since a bankruptcy was discharged with reestablished credit
- an acceptable debt-to-income ratio (each financial institution is different, so this may vary...but if your ratio is hovering around 50%, that's not a good situation)
If you go to a lender who tells you that your credit issues are not an issue, move on to someone else! Bad credit IS a problem and they will possibly try to get you into a loan that you cannot really afford.
I hope that helps! Best of luck to you!

Answer 3

There is an ebook that decribes how you can get a loan with poor credit:

Guaranteed Bad Credit Financing. Receive A Loan Or Credit Card Even With Bankruptcy.

Answer 4

Yes; fill out the free evaluation form at:

www.totaldebtsolutionsllc.com

you will be contacted within 24 hours with a variety of options from credit repair to possibly instant loan approval.

Answer 5

easily no longer with a economic enterprise, consistent with danger a loan broking provider yet you're able to have severe costs of activity! evaluate a lease to possess, you compromise on a written cost with the owner then you definately pay the owner month-to-month money a element is going in direction of the acquisition cost and a element is going into lease (like 50% 50%) THEN whilst your credit is better you get a loan from a economic enterprise. that's a win win because of the fact the owner gets month-to-month earnings and his asking cost once you're able to desire to purchase it. yet another decision could be proprietor financing. actually everyone seems to be purely getting a pair of five% return on their money remarkable now SO if an proprietor needed to sell to you and finance with you you're able to desire to agree on 8% and then the owner could get a greater powerful return.

Answer 6

It is not possible. You can buy a house, yes but you cannot buy a home. You can only make a home with your loveone who care for you. For home house and money is not necessary.

Answer 7

Try doing a lease option or owner financing.

-Angela