Home Buying in El Centro>Question Details

Pola52, Home Buyer in El Centro, CA

I Have very bad credit, but i have a 10k to put down on a older home, can i get financing?

Asked by Pola52, El Centro, CA Tue May 4, 2010

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Just how bad is your credit--visit with any qualified loan officer(s) first, see what your budget can handle and check your credit score--their scoring is different--your loan officer may suggest ways to quickly improve your credit as well--currently FHA loans do require a minimum score of 620 and 3.5% down. In meantime work on repairing your credit--keep credit cards below 50%, dispute any old negatives, pay off old debt, pay down debt, pay all bills on time, etc.
0 votes Thank Flag Link Wed May 5, 2010
Pola52,
The only way to know for sure is to meet with a lender. Having saved $10,000 is a great start. I've met with folks with bad credit and even bankruptcy to explore the possibilities. If we aren't able to buy now, we create a plan to improve the credit faster and prepare for when we can get financing approved. I can refer you to someone in El Centro if you don't already have someone in mind.
0 votes Thank Flag Link Wed May 5, 2010
define very bad credit. 620 and up can get FHA financing.

Some say 580 can but many disagree. Below 580 does not seem able to get credit at all for a mortgage.

It is not over. You need to do some credit repair. Bring your score up and buying could be possible. The blog below gives some helpful ideas to get on your way. Talking to a local lender may also help as many of them help people to repair their credit by showing some of the right (and wrong) things to do.
http://www.trulia.com/blog/al_akerman/2010/01/can_i_get_a_mo…
0 votes Thank Flag Link Tue May 4, 2010
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