Financing in 33004>Question Details

Katonya Rich…, Renter in Coral Springs, FL

WHAT TO DO IF YOU HAVE BAD CREDIT?

Asked by Katonya Richmond, Coral Springs, FL Wed Apr 18, 2012

MY CREDIT IS NOT IN GOOD PLUS I AM STILL PAYING ON A STUDENT LOAN. WHAT CAN BE DONE TO BE APPROVED FOR A LOAN TOWARDS A CONDO OR HOUSE?

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First, pay down that student loan as much as you can for two reasons - you can't escape that debt through bankruptcy, and you will pay it sooner or later. Second, your debt to income ratio will limit how much house you can buy.

Take a good look at yours credit statement and try to ensure everything is correct. (For a free report you can click on the link).

And, make sure you start making your payments on time. If necessary, set up automatic payments to ensure that happens.

Best of luck!
Ann
1 vote Thank Flag Link Wed Apr 18, 2012
Start watching Suze Orman on MSNBC She will give you some advise worth listening to !
1 vote Thank Flag Link Sat Jun 9, 2012
First, pay down that student loan as much as you can for two reasons - you can't escape that debt through bankruptcy, and you will pay it sooner or later. Second, your debt to income ratio will limit how much house you can buy.

Take a good look at yours credit statement and try to ensure everything is correct. (For a free report you can click on the link).

And, make sure you start making your payments on time. If necessary, set up automatic payments to ensure that happens.

Best of luck!
Ann
0 votes Thank Flag Link Wed Apr 18, 2012
Much will depend on just how bad; however there are other factors besides credit that determine mortgage qualification, income, total debt, etc., therefore for a personalized answer visit with any licensed loan officer. At the very least, if you don't yet qualify, he/she may offer great suggestions as to what needs to be done......
0 votes Thank Flag Link Wed Apr 18, 2012
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