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can i qualify for a loan to purchase my first home with bad credit if the home cost 100,000

if i have bad credit can i qualify to purchase a home as low as a 100,000

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July 08 2010 - Lawrenceville
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You have other options. Yes, you can talk with lenders. Sometimes a good lender can review your credit report and give you specific points on how to resolve different issues in your file. Of course, the lenders involvement and advice is normally free. After this consultation you can decide if you want to continue with a lender. 

Another option is a program called NACA (neighborhood assistance corporation of america). This program focuses more on your ability to budget and save. Credit score is not the primary focus. This might be something for you to research. 

Good Luck ,

Rick Payne
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July 08 2010
You could also look at lease purchase options, particularly if you found a house you were interested in and were unable to get financing.

financing is going to depend on many things, not the least of which is your credit score. In a lease purchase arrangement, you could live in the home while you work on your credit repair.
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August 27 2010

Understanding your question is about how you can make a purchase with bad credit, my response is to first "focus on the process of repairing your credit". There are many opportunities for good real estate buys in this market and taking the extra time to repair the your credit will be extremely beneficial in the long run and allow you to purchase real estate in the future 

  • If you have not already done so..start by requesing a free copy of your credit report and also consult either a realtor or your banker for some suggestions on where to start your credit repair at no cost (other than your time)
  • Get the best credit repair help and credit repair advice to understand your credit repair rights and use them. 
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July 08 2010
You can get approved for a mortgage with a credit score as low as 520, but there are other requirements you would have to meet.
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July 08 2010
Bad credit doesn't rule you out of purchasing a home at any price.  It will merely limit your options in terms of how much you will need to put down, the interest rate you can get, and which lenders will work with you.  With bad or marginal credit, you will likely find the best rates through a local credit union, but it doesn't hurt to check with other local lenders to see if you qualify for a loan with them. You are most likely not going to be able to get much out of the national banks since they rely almost solely on credit scores and if your numbers fall below what they feel is acceptable, you're left out in the cold.
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July 08 2010
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If your credit is <620, it will be next to impossible to qualify for a mortgage.

What steps can you take?

a.   Understand why your credit is bad, and work to improve it.  This sometimes is a few months, sometimes a couple of years.

b.  Save up a substantial down payment.

c.  Save up a home maintenance fund.

d.  Save up an emergency fund to cover possible job loss or time off due to medical emergencies.

Then start looking.  You'll be in a much stronger position.
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July 08 2010
 
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