Profile picture for rlabis

Wanting to buy a home with bad credit

My family has out grown our current home and desperately need a larger one. The problem is we have bad credit. A few years ago we had some credit issues and life situations happen which caused us to be late on a few payments and we settled on a few of our credit cards. It has been about 3 years now and we have found our dream home. Its actually a steal and the prefect house/price for our family. The problem is again our credit. We don't want to miss out on this house but honestly see no options. I would like to know if there is anything we can do to acquire this house. HELP! We are hard working people who have had the same jobs for 10 + years, and have started our family. 
  • October 27 2013 - US
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Answers (3)

Profile picture for John Reeves1
Apply for a "bad credit home loan".  If you do not want to wait the average 24 months to get your credit up to par, and you need a house right away, the other option is to seek out a bad credit home loan.  Be certain you can afford to make the monthly payments. The housing crisis of 2008-2010 imposed severe restrictions on banks and lenders with respect to the interest rates and origination fees they are allowed to charge. Keep in mind that income verification will be required.
  • October 28 2013
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Do you know what exact credit score do you have? 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. 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 28 2013
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There are lenders that will work with clients with low credit scores so hope is not lost. Also, the interest rates are still low so I would suggest that you try to get financing if you indeed want that house. There are other criteria that comes into play besides your credit score in the approval process but that is the first step. 

I can actually get you approved with scores down to 530 which is really low. So if your score is in that range, I can help. If your score is under that we offer a free credit repair service.

If you would like to here more about what I can offer, contact me thru my profile.

Thanks :-)
  • October 28 2013
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