Foreclosure in Memphis>Question Details

Tds3872, Home Buyer in Memphis, TN

can i move into a foreclosed home with not so perfect credit?

Asked by Tds3872, Memphis, TN Fri Nov 22, 2013

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Do you know your exact credit score? Who knows, your credit score still may be acceptable. For example, I have been able to give out loans with scores as low as 580. So if you are in that range or above you will have a shot at a loan with a lender like myself. Otherwise, I recommend that you work on your credit score a bit. The simplest way to improve your score would be to pay off your debt and revolving credit balance on time. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes Thank Flag Link Mon Feb 3, 2014
Depends. A friend of mine works at The Lenders Network, they actually specialize in lower credit score loans. I think 580 is the lowest score they can get borrowers approved at. Good luck!
0 votes Thank Flag Link Sat Nov 23, 2013
If your credit score is below 580 you need to find some cash to purchase the home. I don't know where you will be able to find a loan except by the owner financed.
0 votes Thank Flag Link Sat Nov 23, 2013
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0 votes Thank Flag Link Fri Nov 22, 2013
Move in? Hmm......

If a property is indeed "foreclosed" the home is in the hands of the lender. Banks are in the business of making loans and holding money for others, they are not in the business of owning homes and renting them out.

The "foreclosed" scenario likely evolved through someone not being able to afford the loan they were given. Is it likely the lender would welcome the opportunity to take great risk and repeat the previous experience. Lenders are taking the gamble that their borrowers will repay their loan in full....
0 votes Thank Flag Link Fri Nov 22, 2013
It's possible to get a mortgage with less than stellar credit. I've seen buyers with FICO scores of 580 get financing.

Foreclosures, however, raise some concerns. Many lenders will require a certificate of occupancy i.,e. pass all codes, etc. in order to close.

But many REO properties are sold "as is" and require renovations to bring up to codes, and getting a rehab loan with not so perfect credit could be a challenge.

Consult with a mortgage lender who can evaluate whether or not there is a loan program available for your case.
0 votes Thank Flag Link Fri Nov 22, 2013
It really depends on the seller. There is another option you can consider RENT TO OWN.
Here's a good website to browse around...............
0 votes Thank Flag Link Fri Nov 22, 2013
It all depends on the credit score and credit history. I would say that if your credit score is around 580 you may qualify or be pre approved through a program like NACA. The process is a little longer with them however they tend to deal with cases where a lower credit score is in the question. If you are in the 600's you could speak with a mortgage lender or credit union to see what you need to do to be approved within a few months. Just know there are options. If you need further help I'm here 901-598-7069
0 votes Thank Flag Link Fri Nov 22, 2013
Hi Tds3872,

If you can qualify for a loan, you can. The first thing you should do is contact to lender to see how much of a loan you qualify for. This will tell you the price you can purchase at - whether a foreclosed property, short sale, or standard sale.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Fri Nov 22, 2013
The Bank wants to sell the property not rent it out. You'll have to get pre-approved for a mortgage and I can help you out with that.
0 votes Thank Flag Link Fri Nov 22, 2013
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