Home Buying in Oakland>Question Details

riverajhony, Home Buyer in Oakland, CA

I lost my house 5 years ago my credit really bad do I have any chance to buy another house

Asked by riverajhony, Oakland, CA Wed May 8, 2013

bad credit lost my house I try loan modification but the bank din't want to work with me

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Well FHA is a possibility with scores down to 560-580 so you could qualify with bad credit I have helped many clients get approved with poor credit.. I would be happy to refer you to a lender that works with low scores.
0 votes Thank Flag Link Thu Oct 31, 2013
Give Nova Home Loans a call. They're working with all Buyers.
0 votes Thank Flag Link Thu Aug 1, 2013
Hello, I'm sorry to heard that your mortgage bank didn't work with you... The good news are that the more time it passes since your foreclosure the better your chances get and your credit score will improve as long as you keep on time on your current obligations. It will probable be anywhere from 7-10 years since the time of your foreclosure... there is no quick fix. Also, beware of companies or people promising to repair your credit, The Federal Trade Commission (FTC) issued a warning last year that such offers are scams. Find more from the FTC HERE. Be patient and good luck.

0 votes Thank Flag Link Mon May 20, 2013
We would need to know more details. It would depend on your credit, income, debt to income ratios and a few other things. You can contact me if you would like to discuss further.
0 votes Thank Flag Link Wed May 8, 2013
It's difficult to answer that quetion without knowing what your credit is like today. Consult with a local mortgage broker to see what's possible.
0 votes Thank Flag Link Wed May 8, 2013
Good morning riverajhony,

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 Wed May 8, 2013
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