Home Buying in 24016>Question Details

bethinvirgin…, Home Buyer in Roanoke, VA

How can someone with a bad credit score buy a home in Roanoke, Virginia?

Asked by bethinvirginia, Roanoke, VA Tue Mar 26, 2013

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Did you find something? You really just need someone to put you on a path of step by step what to do to make it happen. When bad credit is involved it's often a process that requires a little patience, but if you commit to the end result, it's very well worth it. I've helped lots of people navigate these waters if you need help, just let me know!
0 votes Thank Flag Link Mon Nov 18, 2013
Pay cash!
In all seriousness, there are many, many folks who have had to triage their finances over the past five years. The consequense has been a trashing of their credit profile. You are not alone.
DO NOT fall to the tempation or sirene song of a easy, simple, painless solution to this problem. Such a solution DOES NOT EXIST!
How can someone with bad credit by a home?
1. Create a budget. (many local lenders can be of significant assistance)
Go to: http://www.bankingGrades.com
3. STOP spending
4. Increase income (you obviously have access to the internet, check out the Amazon affiliate programs)
6. Demonstate disapline and commitment
7. Have great patience
As soon as you stash a few thousand dollars away, great tempation will magicly appear. This is when your disapline and commitment will be tested. Know the tempation is coming and be prepared to combat temptation with the assurance that you have long ago choose the path leading to home ownership. Reassure yourself regarding the freedom, independance and wealth accumulation that onwership provides. Kick temptation down the rat hole from which it crawled.
Beth, you will be surprised what happens when you set your feet upon a determined path. Each step will bring greater clairty to your life. Do not allow yourself to live in confusion, but choose to be illuminated with the promise of a real purpose. "I want to own my own home!"

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Tue Jun 18, 2013
Unfortunately, it is called bad credit for a reason. There is no magic lender who will lend with low credit scores. Make a plan to own in 6 months to a year, and begin paying off your debts. Rent something cheaper so you have more funds to set aside for your credit. Slowly but surely you will start re-building your credit. If you need help please do not hesitate to contact me.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
0 votes Thank Flag Link Tue Jun 18, 2013
Good afternoon bethinvirginia,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue Jun 18, 2013
This is good information. We do help people repair their credit and have a good relationship with the FTC. Our company has worked a few time with members of congress. Be careful on telling people to pay collections it could hurt their credit more if they do not do it correctly. A reputable credit repair company can help a client navigate through the red tape of establishing credit and correcting the things that are not correct. Here is a great segment done by ABC's 60 Minutes on credit. http://www.cbsnews.com/video/watch/?id=50140748n
Flag Tue Jun 18, 2013
I offer a 90-Day Credit Makeover that my average client sees from 50-100 point increase in their credit scores. Please give e a call for more information I am always happy to give free advice. Call me at 540-400-4785 or visit my website at http://www.creditjusticeservices.com/robj.

I look forward to hearing from you.
0 votes Thank Flag Link Tue Jun 18, 2013
1) Owner financing

Less than 20% of homes nationwide are owned free and clear though so it's tough to find an owner who is willing and can work with you.

2) Lease with Option to Purchase AKA. Rent To Own

Check out http://www.REsolutionsVA.com that is my investment company and we specialize in Rent to Own / Lease Option transactions for Buyers who are ready to get established as homeowners but still need time to qualify. We can help you rebuild your score and show you how to navigate the process so you can qualify within 12-18 months while you're living in the home. Review the "Rent to Own" pages and be sure to check the Blog for some useful articles explaining the Rent To Own process.

Hope this helps and if you need more details on either please don't hesitate to reach out.
0 votes Thank Flag Link Wed Apr 3, 2013
Depends on just how poor; since there are other factors involved in determining mortgage qualification, consider visiting with any licensed officer....
0 votes Thank Flag Link Tue Mar 26, 2013
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