Profile picture for user2507449

What are the buying options for someone with poor credit now?

I was impacted by the financial services crisis.  Lost my job for 1.5 yrs and am working to repair.  Is there a program that works with people like me to help them get into a new home?  Tired of getting screwed by landlords.  :(
  • July 27 2012 - US
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Answers (4)

Profile picture for Ofe Polack
Unfortunately, patience is going to be your best companion on this journey.  Talk with at loeast two mortgage brokers and ask them to work with you toward improving your credit.  Meanwhile, it will give you time to save for a downpayment.
  • July 29 2012
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Things have been more difficult, however there are many lenders out there that specialize in low credit. I am more concerned about why the credit is bad. Did you go through BK, is there a Foreclosure, why is the credit poor asside from loosing your job. Someone with no credit whom looses their job may still have great credit.

If these events did happen, when did they occur? Do you have open lines of credit?
  • July 28 2012
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Profile picture for Cindy Quinton
In addition to what Wetdawgs said, I would add (from personal experience) that one can raise scores substancially in a short time (130+ points in less than six months for me). I was able to get great advise and learned so much at www.myfico. Of course I have no idea what your reports look like, but there will be someone who has been there, done that.
  • July 27 2012
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Profile picture for wetdawgs
All cash works just fine!

More seriously, the housing crisis has made lending standards much stricter than they were a few years ago, therefore credit scores are very important.    This sounds like a perfect time to put together a plan for rebuilding your credit.  You'll have added impetus because you are tired of renting.    In parallel, you can save up a good down payment, closing costs as well as an emergency repair fund (I'd suggest several percent of your home purchase price) so that when you do buy you aren't shocked with a big emergency repair bill.

  • July 27 2012
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