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i would like to own a home, but my credit isn't the greatest. what should i do

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October 16 2009 - Valdosta
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Opinions on credit are very subjective.  We would really need more details to give you advice.  Have you met with a LO to be pre-qualified? 
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October 16 2009
If your credit is not loanable right now, maybe you can find a home in your area that is offering a lease purchase or owner financing. You have to be really careful on these to make sure that you would be able to meet the obligation of any balloon period that might be included in this type of financing. If you have worked w/ a loan officer and they have given you some items to clear up then make sure you are working toward this so that your credit would improve and financing in your name later would be possible.Also, you want to make sure that you are not paying an asking price that is higher than the homes value. You see this many times in owner financing.
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August 17 2010

Many lenders, myself included, can work with you if your middle credit score is at least 620 or above.  This sounds like the case, and although JUST having a score of 620 does not guarantee loan approval, at least that portion of the qualification process is met. 
I would like to know why the score is that low, and make some suggestions as to what can be done relitively quick to improve the score in order to save you paying too much interest both on your mortgage, and any future purchase you finance (cars, credit cards, etc).
Grant

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August 17 2010
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Currently my credit score is between 630-675.  I would like to know that with these credits scores will i still be able to purchase a home
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August 15 2010
Did you ever get a house I know a lender in Valdosta that will work with you to help you improve your credit.  There is also down payment assistance.
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August 13 2010
Profile picture for wetdawgs
What should you do?   Work to understand why your credit isn't the greatest and take the right actions to improve it.   At the same time, save up a good pot of money for a down payment.  

Sometimes improving credit is a six to 12 month activity, other times it takes years.   But. it is worth buying with lower interest rates obtained with great credit scores and not having a co borrower.
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October 16 2009
Profile picture for sunnyview
You should focus on your credit before you focus on getting a home. There are lots of things you can do for free to improve your credit score and make it easier for you to buy. You do not need to hire a credit repair company, but you do need to target areas you can work on to raise your credit score.

Start by getting a copy of your credit report so you know what is on it and what your current score is. One credit report a year is free from the credit reporting agencies here, but you will have to pay a small amount for your actual credit score. Last time I looked it was about $12. You can get strategies to improve your score here and here. The myfico site also has a break down of what makes up your score and what you can do to improve it for free. Focus on making yourself a good candidate to buy before you buy. It will reduce your costs in getting a mortgage and make it more likely that you will be able to keep the house that you buy out of financial trouble later.
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October 16 2009
Find a co-buyer. Find a Seller willing to carry the financing. Find a lease option to purchase.
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October 16 2009
 
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