Home Buying in Boise>Question Details

BoiseMaybe?, Home Buyer in Boise, ID

Buying a home with less than stellar credit - should we even bother?

Asked by BoiseMaybe?, Boise, ID Thu Mar 28, 2013

Hello. My husband and I are interested in buying a home while prices are still low, but we don't have great credit. He's around 580 and I'm at 600. We make a combined 60,000 /year and are on schedule to have no debt (except student loans) by July 2013. Should we even try to get a mortgage this year, or work to bring our credit up first? We do have some medical collections on our reports, will this ruin our chances? This is all very preliminary, I was just curious if this is a possibility for us at this point - I keep seeing all these great homes in MLS listings but don't want to get my hopes up if it's not realistic for us.

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It is great that you are thinking about getting yourself ready to purchase a home. What I would do is get connected with a great lender who can sit down with you and go over your information and tell you what you still need to do to get prepared to purchase a home. They will give you a plan and explain how to accomplish it as quickly as possible. The lowest credit score to purchase a home is 640 so you have a bit to go yet. They actually take your credit from all three credit sources and take the middle score. In addition to that, they will use your debt to income ratio to determine how much of a home you can afford. They can also tell you if there is anything on your credit report that may be incorrect so that you can work at fixing that.

If you want to be connected with lenders that are great at what they do, let me know and I can forward some contact information to you so you can get started. The sooner you start, the sooner you will be moving into your own home.
0 votes Thank Flag Link Thu Mar 28, 2013
Boisemaybe,

I have a credit expert that can help you, if your interested please email me aanderson@castlecooke.com. He can repair and re build your credit within 30-90 days. It's free to see what he has to offer. Based off your comments you need revolving credit to achieve credit scores. It maybe something simple for you to achieve and he can help with those collections as well.

Thank you,
0 votes Thank Flag Link Tue Apr 9, 2013
Hi BoiseMaybe,

It will be very difficult to get a traditional loan with credit scores below 620. However, there are a few options still. You could find a lease option. Even some properties that are not listed as a lease option might be possible. If you find a rental you really like, ask if you can secure a lease option on the property. You can even negotiate where a portion of your rent is used to reduce the cost of the property. Another option is credit repair. There are many reputable places in Boise that offer this service and can help get your credit score up. Of course, you can always do this yourself, but if you are confused on how to do it, seek professional guidance. Let me know if I can be of help or if you are looking for recommendations.
0 votes Thank Flag Link Thu Mar 28, 2013
It is a good question! Do you feel more secure when you own a home instead of renting? Are you willing to follow a specific plan of action to get you to a place where you can?

I would recommend you contact a lender with years of experience who can give you a specific plan of action to follow if your qualifications don't work today. With specific steps you can restore your credit. It may not happen overnight and you need to know it will work eventually.

I have worked with a terrific lender for the last fifteen years. She has thirty-five years experience which gives her perspective. She can give you the best advise. I know that due to Easter she will be out of town until next Monday. Her name is Jane Hopkins and she works at Idaho Independent Bank. She can be reached at either 208-947-1127 or 208-867-2695 or by e-mail Jane.Hopkins@iibk.net.

When you are ready to purchase a house I'll be ready to assist you.
0 votes Thank Flag Link Thu Mar 28, 2013
I would certainly recommend speaking with a good lender to see what or if you qualify for a loan. There are some great loan programs available and only a reputable lender would be able to give you the answer about qualifying. I can recommend a lender or two if you would like to know for sure if you can qualify for a loan currently. The worst case would be that you don't qualify right now and the lender will help you determine what you need to do to qualify in the future. Let me know if you would like the contact information for some lenders to see what you qualify for right now, let me know. You are smart to get pre-qualified prior or finding a home you really want. I am glad to help you any way I can. Call me at (208) 863-6488 or send me an email to ainfo@PropertyInBoise.com. Thanks for the inquiry!
0 votes Thank Flag Link Thu Mar 28, 2013
Just saw a typo in my email, sorry! It is Info@PropertyInBoise.com.
Flag Thu Mar 28, 2013
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