Home Buying in Huntington>Question Details

Charlena C.…, Renter in Huntington, WV

Can I get a loan for buy a home if my credit score is very poor?

Asked by Charlena C. Dempsey, Huntington, WV Tue Jan 21, 2014

Help the community by answering this question:


You use to be able to, but not anymore. My suggestion is that you contact a someone that will help you with your credit score. Lenders are very tough, if you didn't pay your bills, what will make you pay for the house is there though process.

There are credit managers out there that can help show you how to turn things around. It will take a couple of years, most likely but will change your life once you become financially mature. Dave Ramsey is a national speaker on debt retirement, It's called Financial Peace. You can do it and I strongly suggest you try to get things in order financially, when you do that other areas of your life will be more enjoyable.

I know Lewis Memorial Baptist Church on West Pea Ridge is doing the Dave Ramsey series, you can call an see if they are going to be doing another one. Their number is 304-736-7676. You can get your name of the list for the next set of classes, or go online and look at his successful program, it works!
1 vote Thank Flag Link Wed Jan 22, 2014
My score is 517. I have payment plans in affect to pay off the debt on my credit report.
0 votes Thank Flag Link Wed Jan 22, 2014
Total debt owed is $3,000.00
Flag Wed Jan 22, 2014
You shouldn’t if it is really bad. I say that not because the system won’t let you, but because you could be hurt financially big time! If you are already having trouble making ends meet borrowing a mountain of money and taking on the hidden expenses of home ownership could be a disaster.

Example, one of your collection creditors notices you bought a home, now you have something to fight for so they get aggressive and grab money out of your pay check/bank account, etc. How do you make your mortgage payment?

What I tell my clients is, you cannot borrow your way out of debt.

The mortgage guidelines are there to protect you from yourself, not the lender. We are required by law to lend money to the devil himself if he qualifies. So it isn’t that lenders don’t want to lend you money, you shouldn’t borrow money if you have cash flow problems. THE Secret – budget.

Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Jan 22, 2014
You say you shouldn't buy a new home if you are trying to rebuild your credit score.....but if you are down sizing by ways off getting a small home with half of the mortgage you was paying you would be able to save and pay down your debt even faster. We have tried to get our current mortgage amount lowered with no luck...now we are looking to buy a much small house just to get an affordable monthly payment. If she is working with creditors to clean up her report then they should not garnish her wages. Good Luck ...Bethany
Flag Tue Jan 28, 2014
Does very poor mean 400, 500, 600, 700?
Let's assume it is 600.
What is pulling the score down?
It is possible that cleaning your record could prove very beneficial.
It is possible that re prioritizing and structuring your debt can produce significant improvements.
It is possible that a chronic history of late payment or defaults are the issues.
Without knowing the cause, a pathway to success is wishful thinking.
Contact a Huntington WV REALTOR and ask to be referred to a trusted LOCAL lender who can provide a proper analysis and get you on the right path.
As a result the lender and your REALTOR will have a projection of when you can start looking for YOUR house.
As Don suggested, all roads lead to improving your credit.
There will be bright shiny, temptations that will make you believe there is a short cut, a way to circumvent this requirement...but the are ALL designed to separate you from your hard earned money and will leave you without a house.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Palm Harbor University High School distirct
0 votes Thank Flag Link Wed Jan 22, 2014

It's that simple.


Owner financing theoretically is a possibility, but most owners will do a credit check, as well.

The solution is to get your credit scores up to acceptable levels.
0 votes Thank Flag Link Wed Jan 22, 2014
Don Tepper, Real Estate Pro in Burke, VA
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