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Buying a home with really bad credit??

Can it be done? We found a home we LOVE and it is really affordable. But our credit SUCKS!

 
Anonymous

Asked by Anonymous at 11:00 PM on May. 31, 2010 in Home & Garden

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Answers (6)
  • My dh is a lic. broker, he says yes it is possible, but you will need a lot of money down, not just your norm of 20% he suggest about 30+% of the total sale of the house. If you can show this amount to the bank/mortgage co. then you have a good chance, also if the house needs repairs, you can apply for a 203K loan that will pay and have the repairs done before moving into the house ... Good Luck
    gmasboy

    Answer by gmasboy at 1:37 PM on Jun. 1, 2010

  • I wouldn't do it. Homes come with a whole lot of expenses that you can not predict. It's not just a matter of the difference between your rent and your house payment. Unless you can put 20% down and get a low rate. I wouldn't bother. We did it and it was the worste thing we could have done. We would have been much better off renting a few more years.
    Anonymous

    Answer by Anonymous at 11:40 PM on May. 31, 2010

  • You might if you have a HUGE down payment. Our credit is decent and we have to have 30% for anyone to help us out plus our % rate would be fairly high. Most likely you'd be laughed out of any bank you went to if your credit is that bad.
    Anonymous

    Answer by Anonymous at 12:05 AM on Jun. 1, 2010

  • It's not possible in this economy. They'll take one look at your credit and laugh.
    Anonymous

    Answer by Anonymous at 9:09 AM on Jun. 1, 2010

  • Nope not possible. If you had enough for a huge down payment then in theory you wouldn't have bad credit because your bills would be paid. It's not like it was 10 years ago when they were practically giving away mortgages. You need much more than the ability to make the payment each month. They want a decent deposit (at LEAST 20%) and clean, good credit. And be careful shopping around for mortgages...you only get one free peek at your credit report a year. Anything after that is going to affect your score so don't keep applying - you'll hurt your credit each time a credit report is run.
    Anonymous

    Answer by Anonymous at 10:18 AM on Jun. 1, 2010

  • What is "sucks" FHA will give loans to people with not so perfect credit.
    Anonymous

    Answer by Anonymous at 1:09 PM on Jun. 1, 2010

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