Are people with bad credit ever going to be able to purchase a home now?

Answer 1

Having bad credit is not the end of the world, and it's not impossible to get a loan for a new home. Currently, there is the FHA Loan that has been developed by the Federal Housing Administration (a government agency) that makes housing more affordable, especially for the 1st time homebuyer. You can qualify with a lower credit score and only a three percent down payment in required. Plus, your entire down payment can be a gift from a relative.

If you don’t qualify for the FHA loan, there are many ways that you can improve your credit score so that you can be able to purchase a home AND even get a lower interest rate! Here are some tips:

-Pay your bills on time
-Keep your credit card balances low
-Check your credit report for accuracy
-Pay off your debt rather than moving it around. The most effective way to improve your score is to pay down the amount you owe
-Keep your credit cards, but manage them responsibly. Don’t open multiple accounts too quickly, especially if you have a short credit history
-Don’t close an account to remove it from your record. A closed account will still show up on your credit report and may still be factored into your score. Closing accounts could lower your score if they are positively contributing to your length of credit history
-Shop for a loan within a focused period of time. FICO scores can differentiate between a search for a single loan and a search for many new lines of credit based in part on the length of time over which recent requests for credit occur

If you follow these tips, you may expect to see an improvement in your credit score in as little as six months! Creditors love to see consumers pay everything on time because that shows them that you can successfully pay down your debt.

I hope that you find this information helpful, and if you have any further questions please let me know!

I'm including a link about FHA loans.

Answer 2

I dont know
But they should never be able to. If you have bad credit, it just didnt happen overnight. If you cant take care of expenses on time before you had a home, how is it going to help the economy if you get a home with bad credit. Your just gonna make your credit worse. Since your credit was bad in the first place, you don't care much about it.

NEVER NEVER NEVER

Answer 3

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 4

Bad credit isnt the end of the world. Keep your finances in order, dont do anything wrong that will maek your credit worse and within 6months/year depending on how bad it is, your credit rating will start to shoot up as fast as it fell

Answer 5

Yes but only with the ballon rate where it is %12 one month then %16 the next...... mt ex-wife got stuck with that.....

Answer 6

No, and they shouldn't be able to, until they demonstrate that they have learned how to manage their monies in order to be able to continue to make monthly payments on the mortgage as agreed.

Answer 7

in time.....