Profile picture for jamarshall

My credit is not all that great but i can afford a house

Since i have gotten divorced my credit is not that great. i have begun working on improving it. I make enough money to afford a house. Anything is better than paying 900 a month in rent. I am having trouble finding a lender and getting prequalified. Is there something that i can do to improve my odds of owning a home really soon?
  • June 21 2011 - Irmo
  • 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 (9)

Hi there, I'm a little late on your question, but while you're working on rebuilding your credit, you can also look for homes to buy that are owner financed or rent-to-own.  That could be another option.....
  • September 15 2012
  • 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.

Profile picture for Beth Drake
With a credit score of just 620, there are government loans which provide 102% financing.  This means you can now own a qualifying primary home in the Bluffton, Hardeeville and Ridgeland areas. Contact me for more details. 
  • March 07 2012
  • 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.

Profile picture for Indy Dream Home Team
Understanding how the credit bureau's came up with your score is an important step.  This link gives you a general overview of how your score is calculated.  A skilled lender should also be able to give you tips on what you can do to improve your score.  Your score changes throughout the month as your creditors report to the bureaus.  You can keep track of your score for free at this site.  It doesn't negatively effect your credit by checking it and it cost nothing.  I have an account there and check my credit twice a month.  It only shows one of the three bureaus, but it has been a great tool for me.
  • June 23 2011
  • 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.

Profile picture for jamarshall
I worked on getting my debt down. I do not have a car payment. I only have two credit cards that I pay off every month if i use them. I realize that you should not use more than what you can afford to pay on them. I also did speak with some one about fast tracking my credit. I have a lot of old stuff on there that needs to be removed. Thank you guys so much for your great advice. Hopefully with in the next year i will officallly be a home owner.
  • June 23 2011
  • 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.

Profile picture for Sharon Lewis
If you know who is probably going to write your loan, talk to them about fast tracking you to get your credit fixed. By the way, good for you for looking forward to buying a home. Is there someone in your family who could purchase this home for you and you can pay them back?
  • June 23 2011
  • 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 do not say what your credit score is. Your credit score is based on how you pay (and every month you don't have late payments your score goes up)and how much of your credit lines you are using. If you have credit cards that you keep balances on, you loose points for high percentaqge of the credit line you use. You may want to ask your credit card companies to increase your credit lines.
Do not cancel any credit cards since that brings up the percentage of your credit lines that you are using.
  • June 21 2011
  • 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.

Don't open any new lines of credit and keep current on all your credit card and car payments (better yet - pay everything off). Reduce your debt and save up for a large down payment. Got a car payment? Sell it and buy something for cash. Cars depreciate in value anyhow.
  • June 21 2011
  • 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.

Profile picture for jamarshall
Thank you very much. I will take it one day at a time and not rush it.
  • June 21 2011
  • 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.

keep working on your credit and get yourself up to a 640 for most FHA lenders.  There are others that will work with lower scores, but the price you'll pay is a higher interest rate for the next 30 yrs and a drawn-out underwriting process.  Dont worry about getting in there as soon as possible, take the time to make sure you are ready to buy and present yourself to the lender that way. Most lenders work with credit repair software too, so they ought to be able to help you address the things you need to get done along the way!  Stay focused and good luck!
  • June 21 2011
  • 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.