Home Buying in Atlanta>Question Details

Shelly Towns…, Home Buyer in Fairmont, NC

Have bad credit can get a great house I saw for $20,000 in North Carolina. Is that possible?

Asked by Shelly Townsend-bowens, Fairmont, NC Fri Nov 15, 2013

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Answers

5
Lenders will want to see good credit no matter how much they are lending. If you are paying cash, it's not an issue.

Best wishes.

Jen and Mark Bowman
Keller Williams on the Water
941-840-0117
0 votes Thank Flag Link Thu Nov 21, 2013
Lenders can offer FHA loans with a 580 credit score, your biggest problem is that at $20,000 price point is not eligible for FHA. You would need higher scores at least around a 640 to get conventional financing.
0 votes Thank Flag Link Sun Nov 17, 2013
Hi Shelly - yes you can buy a house with bad credit. That is not a problem. You will just need to pay cash for it. Is that a possibility for you?
0 votes Thank Flag Link Fri Nov 15, 2013
Bad credit is the toughest obstacle to overcome. You'd need to either wait and re-establish good credit OR pay all cash for the house
0 votes Thank Flag Link Fri Nov 15, 2013
For what it's worth, if you have bad credit it really doesn't matter how much the house is. In other words, just because the house is cheap a lender won't overlook your credit issues.

Good luck.
0 votes Thank Flag Link Fri Nov 15, 2013
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