can i buy a house with a bad credit?

Question

i'm 23 years old and about 2 years ago i got real stupid when i started to charge things on my cards for friends. now i lost my job and i felt behind in my payment . i see that house that i want to buy what do i do? now i have a new job but only make 500 a month.......... please help me

Answer 1

Well, I can see that your intelligence is increasing - you want to invest in your own home. Unfortunately however, your income level is too low in most markets to buy a home alone. Credit scores affect the interest rate you'd pay, but don't prevent you from getting a loan. So here's an idea for you... Start talking to everyone you can about taking part in an investment to buy that home. Everyone puts in a certain $ amount to buy the property with the understanding that you will sell it in 2 years for a profit. Now, not many people are willing to wait 2 years, so you'll need to make it worthwile. Talk to an investing realtor to determine what the eventual sale price will be. You may be able to re-finance the property very soon after purchase and pay your investors back early. It's easier to re-finance a property than to get a first mortgage loan. Good luck!

Answer 2

Pay off your debts and restore your good credit.
Later, you can apply for a mortgage....excellent credit will get you a good interest rate on the loan. Poorer credit may still secure a loan through certain lenders...but will pay higher interest rates. At times you can take the higher rate and refinance at lower interest when you prove that you make regular, timely payments.

At this time, you need to get your finances in order. You would not be a good credit risk right now, if you have not paid off those credit cards.
Frankly, if you only earn $500 a month....you don't earn enough to maintain a house nevermind buying it.

Be patient. You can reach your goal. But it takes time and commitment. Why not get a second job to pay off that old debt and put some $$$ in savings for a nice downpayment on your future home?

Answer 3

No offense, really, but-- NO WAY! $500.00 barely buys groceries, let alone gas, electric, water, taxes, phone, trash and insurance. You also need to consider those necessities before purchasing a house.
I would suggest that you keep making regular payments on your cards until they are paid off completely. Then start putting away the same amount, or more, each month. This will build your down payment.
Then, when you have a job that pays quite a bit more, you will be in a better posistion to purchase a house.
Good luck, and don't give up.

Answer 4

Yeah, you can probably buy a house, but you will get hammered with interest. Your best bet is to pay off any bad debts or charge off that you have right now, then re-establish some good credit using a credit card.

It wouldn't take long for you to get your rating back up to par. You couldn't have done THAT MUCH damage since you are so young. Try this card... you'll be able to get it. Anyone can the first time they apply... just don't mess it up or you will lose your 2nd chance.

Here's a link http://creditoffernow.com/imaginecard

Good luck!

Answer 5

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 6

Five hundred a month wont pay the heat and electric. Never mind the mortgage.
Wait til you have a higher paying job.

Answer 7

Yes you can.
Look for motivated sellers who are willing to finance you. Learn something about real estate investing. As you know, knowledge is power.
http://www.forumforme.com/

Answer 8

Get your credit back on track first, get out of bad debt before you take on "good" debt.