Zillow Advice: Buying Process - I have terrible credit and no collateral, can I stil get a loan to buy a house? http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ Zillow Advice | Zillow Real Estate @ShawnaAustin:&nbsp;&nbsp; ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ @ShawnaAustin:&nbsp;&nbsp; You're copping an attitude to create excuses.&nbsp;&nbsp; One does not have to make a big purchase to up one's credit score.&nbsp; One doesn't need to be rich to have a good credit score.&nbsp; &nbsp; Perhaps if you spent the time studying what you do need to do, and takings some actions,&nbsp; you will make more progress than tossing BS around as a smoke screen. <br/> Sat, 06 Sep 2014 23:24:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2014-09-06T23:24:00Z There is NO WAY to improve ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ There is NO WAY to improve your credit if you do not have the cash or credit to make a big purchase which would raise it. That's a dumb thing rich people say because they are clueless. You are stuck like me. If you are good at making payments, companies WILL NOT report it to the credit agencies, but if your are 1 day late, they WILL DESTROY your credit profile in a second. Sat, 06 Sep 2014 22:27:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2014-09-06T22:27:00Z you cannot buy a house now ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ you cannot buy a house now but you should start to build your credit so that you'll be in a better position to buy in a few years.<br/><br/>you need&nbsp; two years of credit history and two years of employment history in order to get a mortgage. <br/>start applying for credit cards but make sure not to use more than 40% of your available balance. keep a small balance on at least two or three credit cards and make the monthly payments. you can start with a secured credit card if you cannot obtain a major credit card. Mon, 30 Jan 2012 01:07:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2012-01-30T01:07:00Z If you at least have a security ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ If you at least have a security deposit you may be able to find a lease option which will enable you to begin the process of &nbsp;purchasing a home and repairing your credit simultaneously. This could be a stretch but in this market you may very well be able to locate one. I am very familiar with Ferndale and between there and Hazel Park I am certain you can find one as I have done a few very inexpensive Land Contracts and lease options in Hazel Park. Bottom line is that you need to gradually work on getting your credit in order. Do you have help in that department? Wed, 23 Nov 2011 13:41:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2011-11-23T13:41:00Z Let's see. You can translate ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ Let's see. You can translate your statement as: I have no money and a poor track record of paying my bills on time, will you lend me money?<br/><br/>Would you lend money to yourself? Your education should say no. That being said - bad credit is not a permanent &nbsp;disability. If I were in your shoes I would first fix my credit , collect at least 20% down (for someone as young as you I would suggest 33%) and at least 1 year of cash on hand so it is possible to ride out another downturn without losing your down payment and your home.<br/> Wed, 23 Nov 2011 03:45:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2011-11-23T03:45:00Z The best thing you can do ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ The best thing you can do is speak to a <a href="http://www.zillow.com/directory/lenders/">lender</a> that is highly referred to you.&nbsp; If they are good at what they do - they will run your numbers and sketch out a plan for you to follow to get into the buying position.<br/><br/>then otherwise - with the market being as it is - some sellers are willing to do what is called a land contract - contact a local agent in the area you would like to be in and ask them to explain that process and look for listings for you <br/><br/>otherwise - have a great holiday<br/><br/>Lori Tue, 22 Nov 2011 19:52:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2011-11-22T19:52:00Z Start using prepaid credit ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ Start using prepaid credit cards and stay current.<br/>Save for a 20% down payment on a home.<br/>If you can achieve both of those tasks in 2 years, you should be able to buy a home. Sat, 19 Nov 2011 16:28:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2011-11-19T16:28:00Z improving your credit and ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ improving your credit and saving some money for a down payment is a must, it will take some time but get started now. Sat, 19 Nov 2011 15:38:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2011-11-19T15:38:00Z There are companies like ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ There are companies like "Credit technology" that can tell you what you might need to do to improve your score now. <br/><br/>Also, there are many <a href="http://www.zillow.com/mortgage-rates/">loan</a> programs available that allow you to buy with ZERO down and NO <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> if you qualify.<br/> Sat, 19 Nov 2011 06:38:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2011-11-19T06:38:00Z "I'd like to turn my credit ... http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ "<em>I'd like to turn my credit around".&nbsp;&nbsp;&nbsp;</em> Turning your credit around is the first step.&nbsp; When that has happened and you have a good down payment saved up (and&nbsp;a steady source of income), then is a good time to see if you are ready to buy.<br/> Sat, 19 Nov 2011 03:40:00 GMT http://www.zillow.com/advice-thread/I-have-terrible-credit-and-no-collateral-can-I-stil-get-a-loan-to-buy-a-house/423424/ 2011-11-19T03:40:00Z