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Bad credit. Want to buy a home. Help!

  • June 25 2012 - US
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Answers (5)

Profile picture for Pamela Shemet
I would recommend re building your credit rating.
  • June 30 2012
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Profile picture for user215690
I would recommend lease to own for 2 years, build credit in process, and obtain a mortgage. If you use a reputable seller or contracting company you will be on your way to home ownerhip. I offer the #1 fsbo service in the US, with a variety of homes all across the country. Just check out my profile for link. Thanks Stephen
  • June 29 2012
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Profile picture for Ofe Polack

Your message sounds like a poster sign for disaster!!!  Visit with a few lenders and see how you can improve your credit, that way you would not need help.  The very bet!!! 

  • June 25 2012
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Buy a cash house, live in it while doing repairs.  Either flip it or upgrade it at the same time your working on what wetdawgs is suggesting. By the time you have your credit restored you will also have equity in a cheap property to leverage buy selling, leasing, or mortgage.
  • June 25 2012
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Profile picture for wetdawgs
Step 1:  Start by obtaining your credit scores and developing a plan to improve them.    In parallel, develop excellent savings habits so you have a substantial down payment.

Step 2:  work your action plan.

Step 3:  when you have credit scores >640 (and even higher is better) and savings sufficient to support at least 3.5% down payment, ~ 3% closing costs and ~ 3 to 4% slush fund for repairs, then start talking to lenders about pre-approval.

Step 4:  interview agents to find a good one.   There are some great agents, some lousy agents and many in between.    Interviewing rigorously will make sure you get an agent who meets  your needs.
  • June 25 2012
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