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Would it be possible for me to buy a home with extremely bad credit and no down payment?

My credit score is about 500-520.I have a car repo on my credit.Would it be possible for me to get a loan to buy a house with no down payment?

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Anonymous

Asked by Anonymous at 11:28 PM on Jul. 22, 2009 in Money & Work

Answers (8)
  • I'm not a banker/lender, but my guess would be no. Lenders are much stricter now than they were a few years ago.
    theutilitarian

    Answer by theutilitarian at 11:31 PM on Jul. 22, 2009

  • These days? No. It won't.

    Spend a few years rebuilding your credit.
    gdiamante

    Answer by gdiamante at 11:31 PM on Jul. 22, 2009

  • I'm sorry I can't answer this but I'm in the same boat so I wanna see what others have to say good luck!!
    oxojen178oxo

    Answer by oxojen178oxo at 11:32 PM on Jul. 22, 2009

  • No. We are buying a home now. We have a credit score of 760 and 10 percent to put down and it was not a picnic to get a loan. We even make 120k a year. The home we are buying is 240k. We got our loan and will easily make the loan payment. You need to work to repair your credit won't be easy but only time and responsible financial habits will correct the score. Start saving so you do have a down payment. Now is a good time to buy if you have the credit, down payment and income but if you don't have all three you should wait.

    Would not hurt to pull your report and start working on what you can fix.
    Anonymous

    Answer by Anonymous at 12:30 AM on Jul. 23, 2009

  • Pay off all debt and build your credit up for 2 yrs. That's what I was told.
    tcarter1981

    Answer by tcarter1981 at 2:50 AM on Jul. 23, 2009

  • OP--unfortunately you missed that window of opportunity by about 5 years!
    LoriKeet

    Answer by LoriKeet at 12:33 PM on Jul. 23, 2009

  • You really need to type the website address below into your browser and get all the best help you'll find! Go on Get going!!!

    BadCreditDoctor.ws
    Patience654

    Answer by Patience654 at 5:23 PM on Jul. 23, 2009

  • No :( Im in your boat! Heres what Iv been told by several lenders.. even bad credit lenders... you need at LEAST 10% down.. even as a first time home buyer you need a credit score of 580 MINIMUM you cannot have any unpaid items on your credit report I suggest getting a rent to own and paying off anything on your credit report then buying after 2-3 years thats what Im doing


     


    Back in 2005-2007 ANYONE could get a home with 0 down :( too many people messed that up for everyone else

    AmberMN

    Answer by AmberMN at 12:35 AM on Jul. 30, 2009

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