do you need to have good credit in order to get a foreclosed home?

  • April 20 2014 - Richmond
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (7)

You need to have a credit score of atleast 580 to buy any home, bank owned, standard sale, short sale.  The higher your credit score the better your rate and financing options.  There are ways to improve your credit in a few short months so you can be ready to buy.  I work with some great caring loan officers who have helped my clients increase their credit scores to get them ready to buy.  It is a great time to buy a home as interest rates are still low. 

Another factor you need to consider is your debt to income ratio.  That tells you how much home you can afford to buy.
  • April 23 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JaredErhart
Your credit score is one of the factors that will determine your mortgage loan interest rate. The better your score, the better your interest rate is likely to be. When buying a  distressed property or a non-distressed property it's ideal to have solid credit. Currently the 580 credit score is a minimum ideal score, however the higher the better.
  • April 21 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you're buying with all cash, then it will not matter as much. On the other hand, if you are seeking a mortgage, then credit is very important. Lenders like myself can do mortgage with scores as low as 580. So if your scores are above 580, then you should be fine. Otherwise, you may want to spend some time working on your credit. The simplest ways to fix your credit is to pay off your debt and revolving credit balance on time. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck! 
  • April 21 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

As with most things, cash is king. If you are able to make a cash offer, no type of credit is needed to buy a foreclosure. Many foreclosures are autioned usually at the courthouse, usually closing within a week or two after the auction.
However, good credit is necessary as the other comments have mentioned to qualify for a mortgage to finance the purchase.
Best wishes, Jim
  • April 21 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for GMerino
You would need to have good credit to buy any type of home FHA and/or conventional.
  • April 20 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for USMortgageRanger
No what you need good credit for is a mortgage. You will need to get approved by a Lender prior to bidding on any foreclosed home. I would be happy to get you approved for a mortgage. I can be reach via my picture profile. 
  • April 20 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Outer Banks N C
No. You need good credit to get a loan to buy anything. It would not matter that the house was foreclosed in the past sometime or owned today by Mr Jones, if you need to borrow money to buy anything you need good credit.
  • April 20 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.