Profile picture for nita80

I own a house that's fully paid for. I want to buy another, but credit is poor.

I have a house that is fully paid for. I have a tenant lined up to rent & I want to buy another property for my primary residence, but my credit is poor. What are my options? Can I use my current house in some way towards the purchase of the new property?
  • October 30 2013 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Do you know your exact credit score? Who knows, your credit score still may be acceptable. For example, I have been able to give out loans with scores as low as 580. So if you are in that range or above you will have a shot at a loan with a lender like myself. Otherwise, I recommend that you work on your credit score a bit. The simplest way to improve your score would be to pay off your debt and revolving credit balance on time. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • October 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I do FHA and VA loans down to a 530 credit score.  I'd be happy to take a look at your current situation and go over your credit with you to see if we need to clean anything up before you would qualify for a loan.  We lend in all 50 states. Please contact me through my profile.
  • October 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You have lots of options. Something to remember, your current home is your piggy bank, if need be, you can always do a cash out refinance to pull out enough money to payoff any lingering collections, charge offs or liens out there to clear up your credit. In addition, you can pull out enough money to cover the required down payment. Either way, you need to start by speaking with a Loan Officer so you can explore your options.

Best of Luck!
  • October 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

if you have current house is paid off like you say, open a line of credit With Your bank and use the line of credit to pay for the new house or if its more than your cash, use all the cash as your down payment and the lender will finance the difference wich shoudnt be much. take the next two years to fix your credit and then refinance to cash out your line of credit or to get a better rate. thank you
  • October 30 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.