Profile picture for user7840416

help please!!!

my wife and I have been wanting to buy a house for a while now and we have bad credit. I know its a buyers market right now but I am worried that I can't get approved. We are not looking for a dream home. We are just wanting a place we can afford to raise our 2 beautiful children. I will go ahead and let you know my credit score is only 510 and I know that its a long shot to buy a house with that kind of score but we do need a home more than anything and I am willing to do what ever I have to do to get my family in a home. I have been married for 12 years now and we have always had to live with family. If you have any advise it would be very grateful. thank you so much for your time.
  • March 18 2013 - Hickory
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Answers (8)

Find a good lender....maybe someone a close associate has used and was pleased with.
The lender will be able to give you detailed suggestions on what you need to do to get your score up. Maybe it will be quicker than you think.
Contact an agent in your area and ask if they would set you up on an automated search which fits your criteria. Then you can keep track of what is selling and also being listed on the market. 
Let the agent know that once you are qualified you will be contacting them...I'm sure they would be happy to stay in contact with you!
  • June 04 2013
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Profile picture for TomSilJr
As many others have said, identify what is causing your low score is the first step. You can get a free credit report at any of the 3 credit reporting agencies which are Experian, Equifax and Transunion and they are all on the internet. You can also go to freecreditreport.com. If you do talk to a loan officer, bank or credit union and do apply for a loan, do not apply for other things like a car or credit card because this could jeopardize your loan application. Make payments on time and even a little more than the minimum if you can. Not sure what area you live in but rates are still very good and depending on your market more than likely it is still in the buyer's favor. Keep positive and you will be in that dream home before you know it.
  • June 03 2013
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Profile picture for wetdawgs
You've identified your dream, now it is necessary to identify steps to get to your dream.    Clearly the credit score is standing in your way.   Have you spent some time identifying why it is so low?     A low score shows either little use of credit or issues with use of credit (late payments, skipped payments etc).    The forums at myfico.com can be helpful to develop a strategy to improve your credit.

While working to improve your credit, how are your savings?   Do you have enough saved for a down payment, closing costs and emergency fund?

  • March 18 2013
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Profile picture for Irene Charles

YOU MAY WANT TO FOCUS ON THE WHAT'S ON YOUR CREDIT FIRST. CONTACT A CREDIT COUNSELOR OR GO TO WWW.ANNUALCREDITREPORT.COM AND DISPUTE MOST OF THE ITEMS AND HAVE THEM REMOVED. I DID IT :-)  MY SCORE WAS 488 AND IT WENT UP TO 653. GOOD LUCK...

  • March 18 2013
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I would urge you to contact a smaller type lender in your local area. My experience has been smaller or local lenders can be better in these types of situations. There may be a few things that the lender could have you do to improve your credit rating. Believe me, you are not alone.
  • March 18 2013
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Call a mortgage lender...even a credit union could help!
  • March 18 2013
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You might have a tough time but your first step should be for you and your wife to get yourselves to a mortgage lender and see what they can do for you.  A lender can give you tips to help raise your score and give you the low down on just how much you can qualify for. 
 Good luck  
  • March 18 2013
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Profile picture for BradNiemann
Find a lender in your area that will run your credit and the council you on what to do to raise your score.  Call  a Realtor also and let them know what you are trying to do.  You should be able to find someone that will help.  The more your Realtor knows the more they can help you.  It may not be a quick thing but if you follow their instructions you will be able to buy a home.  Good Luck!!!
  • March 18 2013
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