Home Buying in 57064>Question Details

Looker, Home Buyer in 57064

Can I buy a home with bad credit?

Asked by Looker, 57064 Thu Dec 31, 2009

I have a credit score of about 550.

Help the community by answering this question:


There are many things you can do to try to improve your score, but most won't be a 'quick fix'. And if a company tells you they can help you with that, it's not true! For the most part, things will stay on your record for 7 years, but visit a .gov site to verify!
Also, if you are interested in buying, I would recommend Julie Tibbets at Service First Federal Credit Union. I have been a Realtor in the Sioux Falls and surrounding areas for over 16 years and all of my clients seemed to like her best!
Hope that helps and let me know if you have anymore questions I can answer for you!
Wayne Schnabel
Remax Realtor
0 votes Thank Flag Link Thu Jun 10, 2010
Yes, but - please, don't.

Your credit score is trying to tell you something. Screaming at you, in fact. 550? Whatcha got going on there? A bunch of slow pays, a collection or two, high debt already?

New Year's Resolution: clean up the credit. Establish a record of paying on time, and paying off your debt, rather than carrying it.
0 votes Thank Flag Link Fri Jan 1, 2010
Why not visit with any qualified loan officer(s) and see exactly what your budget can handle, and check that credit score again--he/she may have great suggestions on how to improve as quickly as possible. FHA requires a score of 620, and if your current score can be improved, have no or very little debt, some money in the bank, you should be able to purchase in the near future.

0 votes Thank Flag Link Thu Dec 31, 2009
Its going to be pretty difficult if your score is less than 620 (fha still allows) it depends on how your credit report reads and how old the chargeoffs , collections or negative items are. Your better off trying to fix your credit and i have found that putting bills on auto pays is a good way to start paying bills on time and building good credit. You can also amend your credit report w a statement that explains extenuating circumstances. bad credit goes away in time but you have to start paying down debt so that you use less then 30% of your available credit and make timely payments. oddly you have to keep using your cards to show that you can use your credit cards reponsibly. (You also have to be concer w your debt to income ratio.)finally dont let anyone run your credit score, too many inquiries lowers your scroe. Even if your credit score improves you still have to keep low debt to income ratios. good luck
0 votes Thank Flag Link Thu Dec 31, 2009
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