Foreclosure in 93722>Question Details

Fatpug2024, Home Buyer in Fresno, CA

can i buy a foreclosure home with bad credit?

Asked by Fatpug2024, Fresno, CA Thu Nov 6, 2008

me and my husband both have bad credit...i seen so much nice foreclosures ......

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Answers

4
The answer is no! The banks have become more conservative and are requesting higher credit scores than in the past. You need to focus on improving your credit. The sooner you start getting your credit in order, the sooner you will be able to purchase a property. Find some one that can help you by checking http://www.makinghomesaffordable.gov and talk to one of there couselors to help you improve your credit.

Keith Manson
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee

http://milwaukeebailout.com
0 votes Thank Flag Link Wed Nov 17, 2010
Fatpug2024,

Most lenders will lend you based on a middle score of 620. Remember your fico score weights alot but is not the most most important factor. If you are interested, I can take a look at your credit and I can give you some ideas to improve your credit.

I have been helping borrowers for the last three years with credit issues. I am sure I can be of some assistance if you contact me. I am a loan officer with Greatland Mortgage Corp., at (559) 977-7238 or (559) 244-4250.
0 votes Thank Flag Link Sun Nov 14, 2010
In order to really be able to give you an honest answer you need to have a mortgage lender look at your credit. What you might think is bad may not really be. You can have a low credit score (under 620) and still buy a home if you don't have any late payments that are new, the must be over a year old, you will ned 3.5% of the purchase prie for your down payment. Give me a call I can help you with a good lender.
Web Reference: http://www.dianecard.com
0 votes Thank Flag Link Fri May 8, 2009
It depends what you mean by bad. With low credit scores it is difficult to get conventional loans. You can get an FHA loan if you meet some conditions. The minimum FICO must be 580, your income and expenses must meet the debt to income ratio limit of 45% and the property must qualify for an FHA loan.

Bob Khalsa
United America Realty
bobfoxbat@gmail.com
0 votes Thank Flag Link Thu Nov 6, 2008
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