how can some one with bad credit with a score of 519 buy a house

  • March 29 - Taylorsville
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Answers (6)

Profile picture for sunnyview
Someone with bad credit should focus less on buying and more on addressing credit issues. You can fix your credit by targeting areas for improvement. The MyFICO fourm has excellent information for building and repairing credit. 

Don't sell yourself short and settle for a rent to own that may or may not be what you want.
Instead take the time to build credit and a down payment so you can reduce your mortgage costs and increase your choice of house.
  • March 31
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Its not a no its probably just a not right now.  I would get with a loan officer such as myself to run a credit report, some like our company has a product that will help guide you to improving your credit scores. If you would like more info please message me. Have a great day.

Best,
Doug
  • March 31
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Hi Christinandrogerkeller
With a credit score less than 620, it may be in your best interest to look for Owner financing or Rent with option homes.  If this is not an option or not something you are interested in.  There is always cash!

Wishing you the Best!
  • March 29
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Profile picture for wetdawgs
With a FICO credit score of 519, the chances of finding someone to lend money are very tiny.   If you do, plan on a down payment of about 50%, very high lending costs and very high interest rates.  (Owner financing may also require a large down payment and have very high interest rates).  So, if that is unacceptable and assuming you don't have the cash for purchase:  now you've identified your goal, and now is the time to identify the action plan for getting to your goal.

A credit score of 519 in in the lousy category.  It could be there due to a lack of credit history, or issues that have occurred with money.   One major issue could get you there, or a whole slew of late payments, skipped payments, etc could get you there.    Do you have an idea why it is so low?  Have you developed an action plan for improving it?     With a solid plan and working the plan, in a few months it is likely you will have increased is substantially.

The other component is down payment.   While this isn't something you mentioned, it is pretty critical (plus closing costs and reserves).   How's this coming?

It won't happen today or tomorrow, but it is worth your effort to take these steps.  good luck!
  • March 29
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You may have the option of an owner finance , however, the interest rate w ill certainly not be a market rate and you will most likely pay more than market value. Your best bet is to work in your credit. There are lenders that Mau work with you and give you guidance on what you need to do to increase your credit score. This is the best route to take.
  • March 29
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  • March 29
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