I have a 425 credit score and want a house!?

Question

This isnt fair. Stupid white corporate america has ruined my credit score and now I cant get a loan! Do you think someone can help me get a house with nothing down and a 425 credit score? I am African American so I deserve it more then whitey does.

The reason I dont have a job is because all the job I looks at require 8 hour days and I have to wear a shirt and tie. I am gonna be nobodies niggggazzz.

Answer 1

This is a joke, right? (I say this because of the racial content.)

Yay for subprimes finally crashing down... a blast to the economy will continue our wonderful low interest rates!

Answer 2

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RE :I have a 425 credit score and want a house!?
This isnt fair. Stupid white corporate america has ruined my credit score and now I cant get a loan! Do you think someone can help me get a house with nothing down and a 425 credit score? I am African American so I deserve it more then whitey does.
Update: The reason I dont have a job is because all the job I looks at require 8 hour days and I have to wear a shirt and tie. I am gonna be nobodies niggggazzz.
Follow 35 answers

Answer 3

I've been in the mortgage industry for many years.
#1) Take responsibility for your credit situation. Enough said.
#2) Improve your credit situation. Pay your bills in full and on time. If you can't, meet with a debt consolidation company.

Someone mentioned an owner finance. That is probably your best bet if you really must get into a house right now. In my experience, the interest rate a normal, intelligent person is going to charge someone that is a high credit risk and can't be approved through the usual methods, will be about 20%.... really not a good deal.

One thing we used to say about someone with horrible (below 600 credit scores):
"I wouldn't loan them $5 if they had $20 in their pocket."

Answer 4

Corporate America did not ruin your credit you did stop blaming the whites and take responsibility for your own actions. I hate racist people you play that card every time you cant get something for nothing i don't feel sorry for you and neither should any one else. I have many black friends and a son in law that is black i never hear anything from them as a matter of fact they are doing very well have good jobs and work hard own their own homes and have nice cars. So get off your *** and take responsibility for yourself and get a job so wear a tie if you have yo make something of yourself and show others you are not an ignorant ******

Answer 5

Move to Atlanta. The Black mortgage bankers there will turf you out just as quickly. At least you'll then realize that it isn't a "white corporate america" thing but a "credit score" thing. And the bottom feeders there will rip YOU off faster than they will a white person since YOU won't be able to cry racism.

A credit score that low takes HARD work over a period of time. You did it to yourself and only YOU can fix it.

Answer 6

While applying for a mortgage loan, your FICO score plays an important role in deciding whether you are approved for the loan or not. Here are some tips that will tell you what to anticipate from mortgage lenders. For a credit score less than 585, you have to make a down payment of at least 10-20% on the home. You will find it difficult to get 100% financing at this stage.

For a credit score in the range of 585-599, you may have to make a down payment of nearly 5% to be approved for a home mortgage loan. Even in this case, your approval will come from a subprime mortgage lender. You have to approach a lender who deals exclusively in loans for people with not so perfect credit or in situations that cause difficulties in getting a mortgage.

If your credit score lies between 600 – 620, you might be easily approved for 100% financing. Even in this case, you have to approach a subprime lender.

For a credit score of at least 620, you can easily avail of 100% financing, along with a reduced rate of only 1 - 2 percentage points more than the prime rate.

Answer 7

I know this isn't the answer you want to hear but from my own personal experience - WAIT! Try to get your credit up some before buying a home. Their are places that will finance you, but in the long run it will cost you soooo much more. You should request a copy of your credit report - you can get it free since you recently had your credit ran. Look through it and see what you may be able to fix. You will be surprised how much money you could save just by getting your credit score over 600.

Answer 8

African American, eh? I wonder...what do you call a white South African that moved to America? Would they not be an African American?? In my opinion, if you live in America..you are American, period. Racism needs to end...but we cannot eliminate it if we keep segregating ourselves.

Anyways, your best bet to getting a home with a low credit score is to look for a seller that is offering owner financing. The only draw back is that they will want a pretty good down payment to make sure that their buyer isn't just going to bail out later. Good luck with your home venture.

Answer 9

Why do you deserve it more than a white person? You don't go getting VERY bad credit without making some bad money managing decisions on your own. Yeah, yeah, circumstances sometimes make things more difficult, but you dug the hole you are in, you can't blame it on "white society."

There are programs that will let you get a house with bad credit and no money down. You would probably have to own some land for collateral to get a deal like that, though. Get credit couselling, VERY carefully moniter your budget, get yourself out of your current debt, and then try again...just like all us WHITE people with bad credit have to do, too!

Answer 10

For buying a house Credit History is much more important than credit score. Often, the lack of credit history is equated with bad credit. You should be aware that lenders will go through your credit report once you apply for loan for buying a house. Therefore you should polish your credit report. Anyway, in order to establish a good credit history and at the same time risen your credit score in a short time do following things:

1) Close all of your credit cards but one. It reflects in your credit report and it is a very good sign. For instance say that you have 5 credit cards with $1000 credit limit for each. Therefore you are responsible for $5000 of possible debt. But when you close 4 of them, now you are only responsible for $1000 of debt which lowers the level of risk of lending money to you.

2) If you have any loan, like car loan or any balance on your credit cards, try to pay more than your monthly payment for 6 months or something. I mean say your monthly due on your car loan is $150, try to pay $250 each month. Lenders can see these trends in your credit report and they see that you’re a responsible borrower.
If you don’t have such loans, I suggest getting a $3000-$4000 loan and paying it off in full in 5-6 months. You might pay $200-$300 of interest but you will save thousands of dollars in your home mortgage and interest rates.

Also checkout http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php
There are lots of articles there, related to your question, which you can find useful to boost your credit.

Answer 11

are you serious....? U may not want to try and get a house just yet. I have had a low credit score and yes it was caused by me not paying my bills on time. But Now I realize what is important and I have manage to raise my score in just 3 months to a 620 and I was approved for a CC by Bank of America. So it can be done by 1st getting a job and 2nd paying all of your bills off or at least on time...or at least paying something on them. You need to realize no one did this to you but you, and you cant blame anyone else but yourself. That's just ignorant. Dude get a job and get real, your not gonna have everything handed to you on a polished silver platter, you gotta work for what you want in life...hell Bill Gates did it and he has 56 Billion to prove it!