Profile picture for rob7692

not so good credit. any advice would be helpfull

i would like to buy a house under $100,000. Ive  done a little research. Not alot but ive seen mortage estamates of monthly payments at $500,$600 range with my not good credit. is this possible? i would like to buy a house thats fixer upper. are then any lenders out there willing to work with me. im a first time buyer also. dont know much bout buying a house either any advice would be helpfull thanks
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March 06 2011 - Fresno
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Answers (5)

There are many conventional lenders who only require a 620 credit score.  For FHA, you can have an even lower credit score and still qualify for a loan.
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March 07 2011
Dan is on the money.  Talk to a lender and get started learning how to become qualified.
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March 06 2011
"Not so good" can mean many things when it comes to credit.  Save youself the time and money and get a free credit report.  The government now entitles everyone to get one free credit report. 
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March 06 2011
Profile picture for the_country_hick
I would talk to a local lender. Your credit may not be as bad as you think. If it is bad finding a lender who also works with credit repair can help you to improve your credit.

First, make sure buying really makes sense for you. This shows how to decide that.
"Does it make more sense to buy, or to rent? Here is the way to find out for sure."

This gives a different look at the question. Take a look.
"Why rent if you could buy for less money? Valid reasons inside."

THIS is what you want. It gives the basics of buying a house. You do need 3.5% down and more for closing costs. Lenders seem to want at least a 640 fico score now.
"Its your first home and you are looking for something but are not sure where to start to look or about loans."

If it turns out you can not buy now this gives some good ideas to follow until you are at the right place and time to buy a house.
"I want to buy a house. It will be at least one year before I am ready to buy. What should I do now to prepare myself?"

If those were helpful look at my zillow profile for more useful information.

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March 06 2011
Profile picture for wetdawgs
Purchasing a house is a many step process.   If your credit is "not so good", it would be helpful to know the actual credit scores.  

How are you doing saving up down payment, closing costs and a slush fund for home repairs?  The monthly payments shown on Zillow are assuming a 20% down payment, but there are many costs associated with home ownership beyond the mortgage costs.



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March 06 2011
 
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