Profile picture for darrell spencer

Any chance of me buying a home for 15K with a 515 credit score?

I make 42K per year.
  • October 11 2010 - West Akron
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Answers (6)

Profile picture for blue screen exile
With that kind of income, you should easily be able to buy a house for $15k, if you just stop wasting your money on other things and start putting it aside for your purchase.

There are plenty of houses in the nation for sale for $15k and under.  You just need to pay cash, and that means you just need to stop spending money on other things.  (The spending on other things and not paying on time is how the credit rating gets so low, so you better just give your money to a friend or relative to manage for you so that you don't spend it).

When you are paying cash, your credit rating is not critical.



  • October 12 2010
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No Chance.

Your income is fine, but 99% of lenders have a 620 minimum score and a $50,000 minimum loan amount.  If the purchase price is only $15k try doing a withdraw from your 401K or go see Joey Knuckles at the TKO Poolhall on South Arlington. 

Hope this helps
Paul

I don't believe I violated the Good Neighbor Policy because I did not list Joey's phone or parole number.  ohhhh fooow get about it!!!
  • October 12 2010
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Profile picture for John Squier
Darrell, another important factor considered in addtion to your income is your debt. As CantonRealtor noted, many lenders wont give mortgages on that low of an amount. Condition of property is another factor considered by lenders.
  • October 11 2010
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Profile picture for CantonRealtor
If you want to get a loan for that amount, you'll want to talk to the bank about a personal loan or find a hard money lender. Typically mortgages are loaned above 30 or 40 thousand. There are plenty of 15,000 dollar houses in this area.
  • October 11 2010
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It all depends on location as well, I am sure somewhere in the USA a home can be bought for $15,000.
  • October 11 2010
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Profile picture for John Squier
Darrell,

$15,000 down or as a purchase price? Either way I would suggest you reach out to your real estate agent or lender.
  • October 11 2010
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