I am going to be getting back pay on my social security & my credit score is very low. I have apx. $8,000.00
in debt. My question is, do I try to pay off my debt and try to get a loan later, or is there a way I can work on it with a lg. dwn. pmt. I hate to rent and this will be the only time I will ever have a lump sum of cash. I am expecting apx. $18,000. One of the problems is that I will have to start over completely. car, furn. etc. nothing left but clothes, and a bed. My monthly amt. will be apx. $1150.00. My youngest daughter and I have been living with people for over 2 yrs. now, and I want to do the responsible thing, but I also want OUT ON MY OWN AGAIN!! LOL any ideas?
Tonya
If your credit scores are very low you will most likely will not be able to get a loan. The best thing to do is to contact a local mortgage broker and have them try to prequalify you for a loan. They will pull your credit and should be able to tell if you are eligible at that point. If you can't qualify you will have the opportunity to clean up your credit and the try to buy something a few months down the road.
Good Luck.
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