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I am interested in buying? is it possible to buy with bad credit?

I  would like to  purchase. I have about 3,500 to put down and my husband and I have stable income. We are trying to pay off past debt to raise our credit score but it is still in the lower 600 range. Is it possible to buy with the information I've provided?
  • January 27 2014 - Belvidere
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Answers (9)

YES!!!
  • February 28 2014
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Profile picture for bumkeun
You will want to talk to a lender and find out what is needed to improve your credit. The last thing you want is for your offer to be accepted on a home and last minute the underwriter not approving the loan.
  • February 11 2014
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Do work around it... RESTORE your CREDIT: We know many home owner watched thier credit score plumet in the last 3 years. Numerous reason. It doesn't matter. I bet when you look at your recent credit report you will see inaccuracies. The smallest errors could definitely affecting your score.

A poor score will give you very little options. Fix Your Credit, than you can have more buying power and obtain a better loan product.  I required 2 homebuyers last year to spend 1 hour minimum on going over their report. Both found enough errors that they could and did get corrected. Both jumped up to a better loan product.

  • February 05 2014
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Yes, it possible to get loans with 580 and above score with lenders we work with.  Please click on my logo if you have more questions or I can help you.  I look forward to hearing from you!
  • February 05 2014
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If you have a good size down payment that comes into play as well. FHA and if a first time home buyer a lot of times work with low or bad credit. I know a few good lender you could work with if interested just contact me back and would be glad to assist in any way.
Michele Miner
  • February 04 2014
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Call me and lets find out and see what you will need to do to get there.  [promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • February 04 2014
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Your credit scores are still acceptable! The lowest credit scores lenders like myself are able to do, is a score of 580. Since your scores are above 580, then you should be good to go when it comes to credit. On the other hand, it's hard to give you an accurate determination of whether or not your can qualify for a mortgage because there are a lot of missing details that would be needed. Instead of putting more information about your financial background it would be easier to speak with a lender directly. Other financial factors that would need to be analyzed include your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 30 2014
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Yes, but first you should save up some more money and make sure any collections or judgments you may have are paid off. Let me know if you have any other questions, I would be happy to help.
  • January 28 2014
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It is, it's just not possible to BORROW with bad credit. 

It's also not advisable. Committing to a thirty-year mortgage before you've repaired your credit is like going out to run a marathon on a sprained ankle. Rehab the ankle, get it healthy, then go out for the long run. That's my advice!

All the best,
  • January 27 2014
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