Is there any hope for my husband and I to buy a house with bad credit? We have terrible credit because of our past. Any bills that we have accumulated since we decided to grow up has been paid, but we haven't paid any of our old bills. We went to a credit counseling agency and they said that we owe so much money that it would be best for us to just file bankruptcy. We're afraid that doing that would really keep us from owning our own home one day. I have a credit score of five hundred and something. We are tired of renting. Please help!
2007-05-29 10:06:19 · 7 answers · asked by rwallis2001 1 in Business & Finance ➔ Renting & Real Estate
Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html
2007-05-29 13:33:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes you CAN buy a home with bad credit (500 range) BUT you are more likely to pay a higher interest rate, what is called a sub-prime mortgage. It's not a good time to buy right now anyway. Prices are dropping so you would regret not waiting a bit more to get the same home cheaper. During that time you should rent, pay DOWN your debt, save for the downpayment. In about 2 years you should have better credit ready to buy a bargain on a home.
2007-05-29 17:20:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You say because of your past, how long ago was that. Things only remain on your credit record for 7 years from the first missed payment. If the old problems are 5-6 years old, I would just wait them out
2007-05-29 17:17:06 · answer #3 · answered by Pengy 7 · 1⤊ 0⤋
It is possible to instanly obtain an advance payday loan up to $1000 applying this service: http://loans.servermatrix.org I got my payday loan although I have really negative credit history.
2014-08-29 22:28:28 · answer #4 · answered by ? 1 · 0⤊ 0⤋
I'm in the business. . .. beleive me. . .file bankruptcy.
in a couple of short years or less. . .you'll be able to qualify for most loans (at least 80% of them) !!
2007-05-29 17:12:53 · answer #5 · answered by smurfee68 5 · 1⤊ 0⤋
Now is not a good time to buy a home. At this point you don't deserve a house. Settle your debts and then buy a house. Your history with money is not very good, do you really think someone will lend you the money? PRIORITIES
2007-05-29 17:16:55 · answer #6 · answered by Anonymous · 0⤊ 7⤋
you can't in this country in order to buy a house you most have good credit. Or you can buy it with cash
Sorry
2007-05-29 17:15:03 · answer #7 · answered by Timolin 5 · 0⤊ 6⤋