i don't have good credit and i need to buy a house.what can i do?

Answer 1

Dont waste your time applying to local banks they will only deny you and waste your time; go to a good mortgage broker and he will show you your options with several different lenders. Also ask them to give you a copy of your credit report and show you what would be the most cost effective way to improve it.

Answer 2

What is your time frame? Do you have a down payment? Even if you can qualify for a loan, the interest rate will be higher than if you had excellent credit.

If your plan is to buy a house in the future, start working on your credit now. Do not open new accounts, never max out any of your cards. Keep your oldest accounts open, preferably with a $0 balance. This shows a longer credit history. Make a budget and stick to it. Pay down the highest interest cards or loans first. I'm sure you've heard all this before. Good luck.

Answer 3

In today's market, it's going to be tough. Even if you do have good credit, the lenders are going to be picky. We recently bought our house and they were questioning my husband's military retirement pay!! The best thing you can do now is work on improving your credit score by paying your bills on time and tear up all of your credit cards. Don't close any accounts. Look for a lease/option. When the housing market improves (hopefully by the end of next year) start applying for loans.

Answer 4

I was told, that Lenders at least like to see a score of 630 before they will even consider your request.

Please be very cautious, as those who do not have "perfect credit" often fall victim to predatory Lenders out of desperation to own a home. Visit HUD's website. There is an abundance of valuable information there for those desirous of Homeownership. It also provides the listing of FREE credit counseling organizations, and programs that will assist you once you've raised your credit score. The three major credit reporting agencies, TransUnion, Equifax, and Experian also give advise on how you may raise you credit score.

Likewise, be mindful of the "RENT TO OWN" option(s) available. One missed payment..... there goes that investment

Answer 5

There are many mortgage company who specialize in working with consumers with no credit history or bad credit. Do some research and talk to a few mortgage professionals in your area. You need to get a clear picture of where you stand and what steps you need to take to achieve your goal of home ownership. As a credit repair specialist, there are few people who cannot get where they need to go in terms of financial goals. It is usually just a matter of taking the necessary steps and time.

Please ignore the answer from this individual. they are simply bringing your hopes up.

the simple fact of the matter is, you cannot get a houseloan with bad credit. end of story. take it from someone with a FICO mid of 530 and several collections, as well as an income/Debt ratio of 102%. this is the definition of bad credit. i have been conducting an experiment where i have contacted about 10 or 15 lenders(both local and nationally, starting with my bank)concerning a purchase loan. i have specifically targeted companies who say they can help with "less than perfect" to "bad" credit. they have made a platform to which anyone can step on board and get that dream house. that platform does not exist, no matter what they tell you. it simply does not exist. out of the 10 or 15 companies i talked to(and 1/2 of them did not even call back) they could not approve me, even if i had 20% to put down on a house. Fannie Mae does not even help in this situation.

the best way to get a house if you have bad credit is to clean up your credit and wait at least a year, then go through your bank for a mortgage. this is the only way to get that dream house. DO NOT BE FOOLED~ for the record, the places i have tried are: ditech,ameriquest,crossover,american south,quicken,lendingtree(which did not even process my request)and my local bank.i have also tried exclusive "online bad credit mortgage" places and they did not even get back to me.

SO, please do not waste your time listening to anyone who tells you that you can get a house with bad credit. they are lying to you. remember: heal your credit(pay off collections, reduce your debt) and wait for at least a year, then try for it. good luck

Answer 6

Try FHA or other government lending sources.

Be very careful of what you are signing.

Be prepared to pay a lot higher interest rate and a larger down payment.

Get you credit in order

Answer 7

Talk to several loan officers. They can either find a program to work with your current situation or advise you on what you need to do to clean up your credit so you can be financed later.

Answer 8

Depends on your time frame and your resources. The best solution is to fix your credit and come up with a large downpayment. I don't really have enough information to tell you anything else.

Answer 9

"need"???

If you don't have good credit, you're not getting the house. End of story.

Answer 10

You don't NEED to buy a house. What you do need is a place to live.