can i still buy a house if i have bad credit?, say if i put down 5000$down?

Question

bad bad credit

Answer 1

Sure, only if the house costs $25K...
I guess you haven't been keeping up on current events but there is a credit crunch in America. It will be hard, if not impossible to get a mortage with <20% down and bad credit.

Answer 2

Owning a home is a great thing, unless you have bad bad credit, then it's the worst decision you can ever make.
Generally lenders will give you money if your credit score is above 500 - but you'll pay through the nose in interest, and forget about a fixed rate - meaning your nose bleed will get even worse in a few years.
If you have $5000 in the bank, why not spend that money to PAY YOUR BILLS and fix your bad bad credit? You'll get better interest rates i nthe future.
You sound like you're pretty irresponsible if you'd leave your creditors high and dry, then try to buy a house with the money you should be paying them.
BTW - those creditors can attach leins against that house you buy in order to get their money, forcing foreclosure.
I'd say start paying your bills on time and start repairing your credit first. If you don't know where to start, check out www.daveramsey.com

Answer 3

Find a house that is Lease with the Option ot buy. The owner will apply a % of your rent to the down payment and finance the rest at a slightly higher rate than a bank. As you work out your credit situation - apply for a loan at a lower rate and buy from the seller.

Set up bi-weekly payments to expedite the pay off faster. That means you pay 1/2 the mortgage every two weeks instead of once per month that way you make an extra whole payment each year. Ask your bank how you can do this when the time comes.

Answer 4

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 5

You have bad, bad credit and you have $5000 cash. Try paying some of your bills and judgements that caused your poor credit and start paying things on time and be a person of you word (paying what you say you will pay) and in about 5 years you may be able to buy a home. It take a long time and hard work to build good credit. For now your lucky you can rent.

Answer 6

There r still many creditors who will finance bad credit, no credit ppl, even just one day out of bankruptcy.
If u r dealing with a realtor, they will have alternative financing plans as thats what u r paying them a percentage to do...its their job 2 do whatever they can 2 get that house sold and u, the prospective buyer into it.
FMHA is an option if funding is tight and u qualify, Bush said in his speech about a month ago that he was opening up avenues to help Fanny Mae and the others to help ppl get housing, try googling bad credit home loans and u should get about a thousand hits.
Good luck and GOD bless.

Answer 7

With the current sub-prime stuff going on and only $5000 to put down, you probably will not be able to buy a home with "bad, bad credit".

You might have a better chance if you had at least 20% to put down.

Answer 8

Yes, if the house only costs $5000. Bad credit affects your ability to qualify for a mortgage, not your ability to buy a house with money that you already have.

Answer 9

I hate to tell you this, but $5000 is a very small down payment even if you had good credit. With "bad, bad credit", your chances of getting a mortgage are slim to nil.

Answer 10

Probably not. If you currently have credit issues, your best bet is to start a money managment plan and spend the next few years repairing your credit history. In today's market with the mortgage crisis, the lenders have clamped down on who qualifies and if you aren't squeaky clean, you won't be approved.