What options does someone with bad credit and moderate income have for buying a house?
GroovyGirl623 asked:
My fiancee and I are interested in buying a house, but we both have bad credit and between the two of us we only make 50k a year. What options do we have? We just signed a year lease at our old place, but are hoping to buy a house around this time next year. Ideas? Please no spam.
My credit score is around 500. Together my fiancee and I have about $5000 in debt, not including student loans. We do not have any credit cards that we use (most of the debt is charged off credit card debt).
This entry was posted
on Wednesday, March 18th, 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.
My fiancee and I are interested in buying a house, but we both have bad credit and between the two of us we only make 50k a year. What options do we have? We just signed a year lease at our old place, but are hoping to buy a house around this time next year. Ideas? Please no spam.
My credit score is around 500. Together my fiancee and I have about $5000 in debt, not including student loans. We do not have any credit cards that we use (most of the debt is charged off credit card debt).
March 18th, 2009 at 12:08 pm
Trate de pagar sus facturas ontime! simple como eso … significa vivir dentro de ti y haz algo de responsabilidad fiscal. Su problema con la compra con crédito malo es su tasa será muy alta, que a su vez provocará que los pagos de alto, tendrá que comprar menos casas, y es probable que no sea capaz de construir cualquier tipo. Un gran pago te va a ayudar, pero duda de que usted tiene. Sólo otra posibilidad es encontrar a alguien dispuesto a hacer un alquiler a la propiedad de hacer frente. A menudo las personas que tienen múltiples propiedades propias o una antigua casa simples pueden trabajar a un acuerdo con usted. GL
March 19th, 2009 at 6:14 am
FhA or HUD will require very little or sometimes no $ down, and you can even borrow your down payment money if you qualify.
March 22nd, 2009 at 7:42 am
You probably won’t get approved with bad credit, unless you go FHA- who doesn’t look at scores- but you will need 3% down and alot of sellers will not deal with them.
Get your credit fixed, save your money, and don’t be late on payments. If your debt is low and the homes in your area aren’t priced too high you shouldn’t have a problem.
If you want info on the credit repair company that I use for my clients, shoot me an email.
March 25th, 2009 at 10:21 am
What do you mean by bad?
Ive had people that say I have horrible credit and have 1 30 day late in 2 years and a 700 fico score. If your credit is less then 600. The most important thing to do is build your credit over the next year.
See if you can get your lease reported and issued to the 3 credit bureaus. For this to happen you might have to have your payments on your least paid to an escrow company (check the phone book). Make sure you are on time making your lease payments. When I say ontime, no more then 30 days late. Check with credit agencies like Land America, you can google them easily.
I would suggest having your loan officer try FHA after a year. When I underwrite files you might have a 612 fico score. You have a 3% down. Its denied. You put in the computer that you have 2,000 its denied. You put that you have 4,000 in assets its approved.
Ive had loans denied and approved over 1 dollar. Make sure who you are doing a loan with check everything and doesnt just doesnt give you a no at first. Ive had to redo files over 20 times to get an approval.
March 26th, 2009 at 12:38 pm
U hebt wat tijd. Ik zou u ook voorstellen en uw manlief krijgt een exemplaar van uw kredietrapport. Zie of is er om het even welke informatie die " kan zijn; schoongemaakt up".
Ook als u creditcardschuld hebt het neer worden.
March 29th, 2009 at 5:30 am
It really depends on your location; that wont go very far in San Francisco but in the South or Midwest you should be fine. Also, a key to your getting a home is finding a loan officer who will go the extra mile for you. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.