Home Buying in Anderson>Question Details

Patience Hea…, Renter in Anderson, SC

Can I buy a house if my fiance and I do not have high credit scores?

Asked by Patience Heart Gaines, Anderson, SC Fri Jun 28, 2013

My fiance has a full-time job at a plant making 11 an hour and getting 40 hours per week. I am a full time college student and I have a part-time job that I have had for 6 months making 10/hour and gettting 20 hours per week, but prior I worked at the job 2 years making 7.50/hour. We found the house on Whiten Street in Anderson, sc and want to qualify for it. The house is worth 62,500. Do you think we have a good run at getting that much money? My credit score is around 560 and his is around 516. What do you think?

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5
Michael Cheng’s answer
You'll have to discuss with a loan officer to see how much you'd qualify for. My guess is not too much, if at all, based on your credit scores. You may have to go with the standard approach of saving up and buying a home with all cash.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Jun 29, 2013
If they come up with 40% of the purchase price instead of the regular 20% and just about anyone with a job would qualify.
0 votes Thank Flag Link Mon Sep 2, 2013
Since I am also full time in college would this count towards the loan? Even though I don't make any money from it, it will boost my earning potential when I graduate in Spring 2014. Would this help me get the loan?
0 votes Thank Flag Link Sun Jun 30, 2013
Your score has to be a min of 620 to obtain financing on a home. Your best course of action would be to contact a lender and go through some credit counciling to learn how to improve your score. This does not cost anything. Make sure you make all payments on time and do not get into any other debt. make sure your student loans are up to date. Once your credit score is where it needs to be you can then get pre- qualified for a mortgage to know what price range of home to look at.
0 votes Thank Flag Link Sun Jun 30, 2013
You need to contact a lender or your bank and get preapproved. If your credit scores are that low, they can at least tell you what you need to do to bring your credit scores up high enough to qualify for a home loan. If you need any help please call me at 864-444-2512
0 votes Thank Flag Link Sat Jun 29, 2013
Your reply to this peaked my interest... My husband and I are in a similar situation. He has a full time job (making anywhere from $80k a year to $96k a year depending on overtime) but we do not have very good credit. We purchased a home when I was 19 and he was 24 and ended up losing it... that comes off of his credit next year. I don't work, but I am a college student/homemaker to our three kids. How do we improve our credit when we don't have any credit cards and pay for everything in cash??? We have found our dream home but have no idea where to start!!! We are financially ready, but because our credit scores aren't too great we feel like it is impossible.
Flag Thu Aug 1, 2013
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