Is it possible to get a house with bad credit?


bad credit
CHAOS asked:


I have been trying to get my finances back in order after losing my job a few years ago.I would like to stop renting apartments and buy a house for my family. My credit is bad but I’m trying to repair it. It will be 5 to 6 years before my crdit is back in good standing. Will I have to wait that long before I can buy a house?

This entry was posted on Tuesday, October 27th, 2009 at 12:00 am and is filed under Renting & Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “Is it possible to get a house with bad credit?”

  1. Silvana Says:
    October 27th, 2009 at 6:44 pm

    Possible - just that the interest rate would be higher than for a person with good credit history. Silvana

  2. nan_seat Says:
    October 29th, 2009 at 12:35 pm

    If you have paid every bill on time for a year, and you have not had a bankruptcy in the past 7 years, then your credit report will show that. If you have 2 years of paying EVERY bill on time, then you should be in good shape to get a loan.

    Of course, your credit score will rise the longer the time period of timely payments. Don’t miss a SINGLE ONE, though, for the next twelve months, and I think you’ll be pleasantly surprised at the loan possibilities. nan_seat

  3. sohni Says:
    November 1st, 2009 at 8:55 pm

    1st assess if u r able to service any loan that u will take out .. u dont want to run around that block again there is a reason banks expect u to fulfill lending criteria to many lenders have been getting ppl to borrow over and above their means

    if u feel that u will be able to service a loan then look at non bank lenders for credit but plz read all the terms and conditions better still get an independent solicitor to go over it for u ( dont use one the lender reccomends )

    and remember mortgage insurance only protects the lender not the borrower

    goodluck sohni

  4. mrtopproducer Says:
    November 4th, 2009 at 4:08 am

    One answer is the consideration of owner financing. Have a copy of your credit report available and be honest with the lender. As you are aware credit history is important, along with building equity. Best to You. mrtopproducer

Leave a Reply