How can you buy a house on bad credit?

Question

My husband and I live in an apartment. We could afford to buy a house but we messed our credit up in the past.

Answer 1

It's pretty difficult to get a loan with bad credit even if you can afford to buy a house. Banks have been getting tighter and tighter with their loans due to the economy. My son and daughter-in-law are in the same situation as you. What they are doing is saving as much money as they can, and paying all their bills on time so as to reestablish their credit. Their bank has told them that within a few years, they should try again. They been doing all they can to get their credit re-established, and recently my son took his free credit report and looked at it and was surprised that even in a short time, their credit number was going up. Just save as much money as you can for a good down payment, and pay off all your bills on time, and in a few years, you'll be set to buy the home of your dreams.

Answer 2

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

Answer 3

Your post will probably bring the scam artists out of the woodwork. Do yourself a major favor and do NOT contact any of them! Most of them operate out of internet cafes in Nigeria or Latvia and will rip you off blind if you contact them.

Continue renting for a few more years and clean up your credit. Not many lenders are taking on poor credit risks due to the meltdown in the sub-prime mortgage industry. Get your credit score up into 'A' paper territory and you'll save a fortune in the resulting lower interest rates that you'll pay.

Answer 4

Fix the credit over the next year or so, or save 20% for a down payment.

Answer 5

There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.

Answer 6

when you've messed up your credit, its very hard to get a house. You would be looking at having to put 20% down

Answer 7

i would say try to get a company to clean up your credit i know of one company that will guarantee they raise your score and anouther comapny that will credit you the fee you paid to get it done directlending planet will refund you the fee you paid to raise your score if you go thru thier link you cant beat the guarantee and the credit towards your closing.

Answer 8

go to seberia buy some land start an oil company and wasooky you have a house