Profile picture for user3992357

Can I buy a house with bad credit?

  • July 24 2013 - Back of the Yards
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Answers (23)

Profile picture for sunnyview
"paying for credit repair can save you thousands, it takes trained professionals to get some issues removed. "

You're full of beans. A credit repair company cannot remove anything you can not remove yourself. If their dispute letter or goodwill adjustment request letter works so would yours...for FREE. 

Paying for credit repair does not remove legitimate negatives, does not magically raise your score and in fact your credit will goes up if you follow the basic techniques that are freely available on MyFICO, bankrate and other informational sites. Agents should focus on selling houses or providing information instead of pushing buyers to pay for something that they can do for free.

  • July 01 2014
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paying for credit repair can save you thousands, it takes trained professionals to get some issues removed.

yes, you can buy a home with bad credit but they will make you pay for your bad choices in order to limit their liability. you will probably have to put more money down and pay a higher interest rate

start contacting your lender and see where you are at, you will have to use them anyway, might as well start working with one and getting things in order. you don't want to get into legal contracts you can not perform or execute.
 
good luck.. there is light at the end of the tunnel.
  • July 01 2014
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Profile picture for sunnyview
Paying for credit repair is not necessary. There is nothing a credit repair agency can do that you cannot. Quality information is available online for free and some specific questions can be answered by your lender. Credit repair can take some time, but if you learn about what makes up your score, you can quickly target areas for improvement.
  • July 01 2014
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Profile picture for IlsaConover
I have a great referral to a credit repair company that a couple of my clients have used.  These clients were not able to quality for a loan until they used this amazing woman's services. 6 months later were ready to buy and able to qualify for conventional financing. 
  • July 01 2014
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Depends on what you think is bad credit. -- If your score is around 600, it won't take you long to get to 640 which will make you eligible for the IL "Smart Move" 1% Down program where you only need to put 1% down on your purchase. 

Just let me know if you would like to learn more. -- Thanks, John Meyers (Meyers Realty)   
  • June 22 2014
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The best possible way to find out an exact answer to this question would be to contact several lenders to receive pre approval letters and get estimations on your credit score.
  • September 03 2013
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This will just depend on your situation and what your definition is of bad credit.  The best person to assist you is a loan officer.  In about a 10 to 15 minute conversation over the phone the loan officer will ask about your income and expenses and will ask in writing to  pull your credit.  I have loan officers that can assist you in getting a credit score increased in just a matter of a few days and do what we call a rapid rescore.  Just recently I had a client that was at a 619, they did a couple of things recommended by the loan officer, the loan officer did a rapid rescore and in a matter of 7 business days the score went to just over 640!  Call me if you would like more info.
  • September 03 2013
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Not with bad credit, but call a Lender and let them tell you whether you can bbuy a home or not.
  • September 03 2013
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YES...if you have the CASH!!!     if you're going for a mortgage, you'll need to get into credit repair, many mortgage professionals are now assisting consumers with those services.
  • September 03 2013
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It may prove to be a challenge, but the first place to start is with a Mortgage Banker, Credit Unions as well as many of the other Commercial Banks have well qualified staff that will be happy to assist you with searching for a home loan. In most cases 2 yrs work history with out any unemployment gaps and a good down payment (30%) will help with a low credit rating.  Also they have home buyer programs that will be able to council you on how to make the impact to your credit report so that you will in time gain a favorable score. 
  • September 03 2013
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Hi User3993457,

Generally no but it depends how bad. You can potentially qualify for a loan depending on how low your score is, typically if it's in the 5s you probably would need to put at least 30% down and if you're in the 6s you could qualify for FHA and could put as little as 3.5% down.
It's all relative. You need to speak with a mortgage lender to better assist you. 

I have an excellent lender I can refer you to:
James Caspary
jamescaspary@gmail.com 

Hope this helps! 
  • August 27 2013
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Its possible. Speak to a mortgage lender and see what your buying power is. They will be able to put you in touch with someone who can help you with your credit if need be.
  • August 27 2013
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There are some companies that will work with clients who have a bit lower credit!  If you still can't find a lender who will give you a loan with your current credit situation then you can find a credit counselor who will work with you line by line to raise your credit the fastest way possible. 
There are certain criteria with credit cards that raise your credit the fastest, along with other situations in which the counselor will be able to help you the fastest.
I recommend you contact [hotlink deleted by Zillow moderator] because they have been great working and finding loans for individuals/couples with lower credit!

Laura Wasson
Wasson Pioneer Realty
[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • August 25 2013
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[promotion deleted by Zillow moderator]
  • August 02 2013
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It truly depends.  No one here can give you definitive yes or no without understanding the details of your negative credit report.  The solution is not just contacting a lender, but contacting a loan officer with experience in resolving credit issues.  There may be small issues that can be resolved easily that can quickly increase your score by 30-40 points.  If you need assistance contact me via my profile page. 
  • July 30 2013
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An experienced Realtor in your area should know which lenders can do specialty loans for disadvantaged credit. You will pay more for mortgage brokers that can assist with your loan, but your other option is to re-build your credit, which will take time.

  • July 26 2013
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If your score is lower than 600 its going to be hard unless you have a lot of cash to put down. Your best bet may be a small bank or credit union that you have an established relationship with. The only way to find out is to speak with a lendor. Good luck!
  • July 26 2013
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You would need to speak to mortgage lender to determine what your situation looks like and if you could buy right now.
  • July 25 2013
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More than likely no. You have a history of defaulting on smaller loans. With that being said, would you lend something to someone that has a high default rate? You need to clean up your credit & get a fresh start. There are many credit counselors who can get you started. Let me know if you need anything else. :)
  • July 24 2013
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Profile picture for Andrew Malak
There are still banks that close the eye on credit with 40% down.
  • July 24 2013
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Profile picture for Matt Laricy
You would have to speak with a lender. They would be able to tell you.
  • July 24 2013
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You need to speak with a few lenders to see how bad it is. They do not charge for that.
  • July 24 2013
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Profile picture for wetdawgs
Yes, if you have cash.

Perhaps the question is "can I qualify for a mortgage with bad credit?" .   The answer to that question would be "it depends".   Do you know you credit scores?   Have you saved up a good down payment and money for closing costs?
  • July 24 2013
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