Profile picture for ts01

my credit score is low. probably 450-500 somewhere, do i have any chance on buying a home?

  • April 25 2009 - Pittsburgh
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Answers (5)

Most lenders are requiring 600 or higher to obtain a VA or FHA loan.  You would need to work on fixing your credit and improving your credit score before you could qualify for a conventional or government program.

Good luck.
  • June 18 2009
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Profile picture for gvcsmc
I am a disbaled veteran and have a 500 credit score. I was wounded permanently and discharged. I had to wait for 2 years before I got a rating from the VA. In the meantime I had to borrow from family, friends and my credit took a huge hit. I have the certificate of elgibility for a VA home loan but I can not get the additional money from lenders to purchase a home. 6 months ago when I received my permanent rating my monthly income became very healthy and very permanent and still no one will lend to me. All the best to you and yours.
  • June 18 2009
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Profile picture for blue screen exile
Of course you can buy something somewhere on some kind of terms!

There are houses in the nation selling for less than $10k; you can pay cash!  You don't need "credit".

But if you are having trouble paying bills on time now, and therefore have a low credit scrore, WHY would you want to buy on credit and have a similar problem making payments????  Besides, why buy now if it will be substantually cheeper next year?

Fix your credit score; all it takes is dilligence on your bills, and not having additional credit issued or additional credit checks run.  In a year, you can have a better credit score and also a better interest rate, as well as a lower price for a better house!

Why try to do things the hard way when there is a systematic approach to having things done the easy way?
  • April 25 2009
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Profile picture for bradamous169
depends on where you live and how much the house you are looking at costs. be smart, and don't get in over your head. I divorced about 3 yrs ago and my credit took a huge hit, because the ex was irresposible with the debts she agreed to take on. My point is be smart, if you can legitamately afford it they will probably give you the loan. Renting is just a huge waste of money!!!
  • April 25 2009
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why is your credit so low? do you feel like you are ready to take on the challage? perhaps you and someone else with you should buy together... but you really need to look at the way you handle your money... much easier to move around in a rental than a property to own... think about it...
  • April 25 2009
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