Profile picture for marlene26

firt time buyer

I really want to buy a home forecloser and I have about 10,000 down but my credit is not that good can you help me?
  • November 29 2011 - Los Angeles
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Answers (2)

Profile picture for sunnyview
It is great that you have a down payment, but not good credit means different things to different people. Do you know what your credit score is? Do you know why it is low?

If you can target areas on your credit for improvement before you buy, that will make any mortgage you get cheaper. There is a lot of useful credit information here, here and here to help you raise your score. Getting on the right track with credit can also give you more choices of loans.
  • November 30 2011
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Profile picture for SeanGlaze
Most FHA loans will require you to have a score of at least 620.  I know that wells fargo bank was allowing loans with scores as low as 580 for a while this summer but I have not down one of these loans for a while and do not know if that program is still active.

Typically you should be able to find someone to do the loan for you but the lower your score the more risk there is and higher rates and fees you will pay.

If you are looking to get your credit score up I would recommend getting a copy of your credit report and making sure the information is correct and working to clean old and bad accounts off your report.

I have used this site in the past to clean up my report you can do it yourself it takes time and you have to be very organized with the letters but you can do it all yourself.

There are lots of ads on this site I have never used any of the companies on them just stick to the do it yourself letters and you should be able to clean up your credit report and raise your scores:

http://www.creditinfocenter.com/repair/Repair.shtml

This is another web site that can help raise your credit score by opting out of pre approval credit mailings:

https://www.optoutprescreen.com/?rf=t

Hope this helps!

  • November 30 2011
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