Profile picture for Braunandre

My wife an I both have poor credit. We both want to purchase a home. We have been leasing a home w

with an option to buy.  But we have just been informed that the company has been sold.  We are now being told that we must find our own loan now.  We are finding it hard to have anyone give us a loan with bad credit.  We have about $9,000 as a down payment.
  • April 24 2014 - Country Club Hills
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Answers (7)

Profile picture for sunnyview
How bad is your credit? And do you know why it is bad? Some issues can be solved then you can ask the lender for advice on getting qualified/addressing issues, while other credit issues take more time to fix.
  • April 24 2014
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Hi Braunandre,

  Having poor credit can mean many things. Not having good credit will mean higher costs and may not be beneficial for you. FHA loans have a minimal amount of down payment they require but they have mortgage insurance added to the loan that can cost more. 

  If you're in a rush,  it's best to look for a rental, work on your credit to get a good mortgage. If buying is an absolute necessity, take the time to discuss your overall financial situation and go into it with a plan for now and the future. 

  I wish you the best!
  • April 24 2014
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Profile picture for AnthonyGarcia05
At American Financial Network we can fund FHA loans with a 580 credit score. We are located in Santa Ana, Ca and would be willing to look at your scenario. We can fund troubled loans in 8 days. [Contact information removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
  • April 24 2014
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I don't want to sound offensive but a lot of what we just went through over the last 6 years was caused by lenders fiving mortgages to people that should not have had them.  As a result the federal regulations have been tightened up.   There are lenders out there that are willing to bend or even break the rules but the industry, lenders and realtors,  will ultimately suffer again

  • April 24 2014
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How low are your credit scores? The lowest scores that lenders are able to do are scores of 580. If your scores are above that, then you should be fine. If your scores are below 580, you will have to work them up to 580 or above if you want to have a better chance at obtaining a mortgage. The simplest ways to fix your credit is to pay off your debt and revolving credit balance on time. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 24 2014
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We work with lenders that allow for customers with low credit scores; as low as 550.  Please contact me if you would like me to see if we can help.

I look forward to hearing from you!

Best regards,

Patty Harrison
Smart Mortgage
  • April 24 2014
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Profile picture for wetdawgs
Would you mind sharing your FICO credit scores?  

  • April 24 2014
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