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Answers (5)
- Cindy Quinton, "Cindy Quinton"
- Contributions:1330
I lost my home in a tornado, and then almost immedeatly had an offer on our 20 acres...so we took it. We found we couldn't buy because our scores were too low because we had not borrowed in so long and had a couple of very nominal unpaid bills.. I was advised to go to www.myfico.com and read about getting scores up. I read, learned, asked some questions, and learned some more. I found that taking a few simple actions would raise my score. I asked to have a couple of accounts removed if I paid in full, I got two secured credit cards, and borrowed against a CD. This was in November and my lowest score is already up just shy of 100 points. The forum posters on myfico are SO helpful...you might consider giving it a try.
- Bryan Hart, "Bryan Hart"
- Contributions:1
Hello Carson, couple of questions for you and a possible solution.
1) Depends greatly on what your definition of "bad credit" is. Do you have low scores, limited credit history, late or delinquent accounts?
2) How strong is your debt to income ratio and the amount of your liquid reserves?
I might suggest this is a great opportunity to become a landlord. You can convert your existing residence to an investment property and purchase a new home. You will need sufficient assets to cover both mortgage payments for six months or less and will need to make a strong case to an investor that your intentions are not to buy a new home and bail on your existing one. If you currently do not have a FHA loan on your current property, you should have a great chance with only 3.5% down on a new home purchase.
1) Depends greatly on what your definition of "bad credit" is. Do you have low scores, limited credit history, late or delinquent accounts?
2) How strong is your debt to income ratio and the amount of your liquid reserves?
I might suggest this is a great opportunity to become a landlord. You can convert your existing residence to an investment property and purchase a new home. You will need sufficient assets to cover both mortgage payments for six months or less and will need to make a strong case to an investor that your intentions are not to buy a new home and bail on your existing one. If you currently do not have a FHA loan on your current property, you should have a great chance with only 3.5% down on a new home purchase.
- James Y. Kuang, "jkuang626"
- Contributions:29
No need to fear. Set your escrow closing date further out to give yourself time to find another home. Worse that can happen is you negotiating with the buyer to compensate them for not being able to move out on time. It can be as simple as paying a little rent.
I am assuming you are a move-up buyer? Your situation is a common one.
I am assuming you are a move-up buyer? Your situation is a common one.
- Carol McAlister, "affiliatebrk"
- Contributions:17
Hey Carson,
Depends on what you are calling Bad! If I were you I would definitely talk a lender before selling. You wouldn't want to sell yours to find out you can't buy another! It doesn't cost you anything to pre-qualify and a good lender can easily tell you where you stand and any loans/programs you may qualify for.
If there are issues on your credit your lender can work with you to go over them and you can begin to repair your report so you can sell and purchase a home in the future if not now. If you have any questions on credit just let me know and will try and help you..... Carol
Hope this helps... Carol
Depends on what you are calling Bad! If I were you I would definitely talk a lender before selling. You wouldn't want to sell yours to find out you can't buy another! It doesn't cost you anything to pre-qualify and a good lender can easily tell you where you stand and any loans/programs you may qualify for.
If there are issues on your credit your lender can work with you to go over them and you can begin to repair your report so you can sell and purchase a home in the future if not now. If you have any questions on credit just let me know and will try and help you..... Carol
Hope this helps... Carol
- sunnyview
- Contributions:25139
Do you know why your credit is bad? You may be able to target areas and raise your score which would give you more options when you go to buy and lower your cost for the mortgage.
credit is bad but monthly income not a problem, neither is a reasonable down pymt. Any help???
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