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Terrible Credit I Have!!! What in god's name can I do to buy a home!!??

  • August 20 2013 - Butler Township
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Answers (10)

Get a free credit report. You can get one once a year.
Dispute any items that are incorrect. I've heard that the creditors who put the items there will have 30 days or so to confirm the items or they must be removed. Then, make sure you pay all of your bills on time. Try getting a credit card, even if you need to put money in the bank and get a credit card against that money. Make small purchases on it and pay the bill on time.
Depending on the reasons for your bad credit, it will take work to turn it around.
The only way to get a mortgage loan is to prove that you know how to manage money and pay your bills on time.
  • February 09 2014
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Be patient and focus on paying all accounts on time for the next 24-36 months. Saving to have funds for down payment and closng cost should be part of that plan.  Having "terrible credit" and buying a home is an oxymoron, and should not even be considered until credit is acceptable. Renting is God's way of preparing us until we are capable of owning a home............. 
  • February 09 2014
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Hi Robert, 

I think that we might be able to help you. If you know that you h ave bad credit and are struggling to get ahead, this might be an option for you, though its not for everyone. Filling for Bankruptcy might be the only option that you might have to starting a clean slate. If you would decide to go that route, its easier to start over as well get ahead. 

Once you have filed for bankruptcy, go and try to get a check account and perhaps a credit card ( though you will have a higher interest rate), but this does help. keep your checking and card on the postive side of course and it wont take long for your credit to climb to where you will be able to get a home loan. 

We wish you the best of luck 

Though if you have school loans those will not come off with bankruptcy you just have to either continue to pay on the\m and keep them current until they are paid off, or if possiable pay them out right.  It is amazing what school loans can do to you credit. 
  • February 09 2014
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focus on fixing your credit then buy.
  • August 21 2013
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  • August 21 2013
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Your first step is to get your credit cleaned up. It will save you money in every aspect of your financial life. After you have done this and lowered your overhead, you can then save a downpayment and a rainy day fund. By this time, you should be able to get the financing you want. There is no quick fix to get good credit no matter what some may tell you. It is a 12 -24 month process to go from "Terrible" to Good and sustain it for more than a couple months.

All The Best!


 
  • August 21 2013
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  • August 21 2013
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Fix your credit!
  • August 20 2013
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  Here's a link to Zillow's buyer's roadmap. Buying a home is not an emergency.   You've identified the goal, now identify the action  plan to get to that goal. 

Step 1:  you know you have "terrible credit".   Do you have numbers available?   Do you know why it is low?   If not, identify why it is low and work to improve it.  It may take less than six months, it may take a couple of years.  It depends on how low your credit it today and your diligence to the action plan.

Step 1 (in parallel).  Save like crazy to have a substantial down payment, closing costs and emergency fund.   If you've not got 10% or better saved, keep saving.

Step 2:  then and only then, go find a good lender to get pre-approved.  (You can tinker with the "what can I afford calculator" to get an idea now).

Your alternative is to pay cash.   

  • August 20 2013
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20% down helps, FHA program. Build credit by paying in advance, refinance into a 20/15 year conventional after a few years to drop of the pmi. Any idea of your score?
  • August 20 2013
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