Home Buying in Sauganash>Question Details

Concerned Ci…, Renter in Sauganash, Chicago, IL

Is it possible for a person with bad credit to buy a house?

Asked by Concerned Citizen, Sauganash, Chicago, IL Tue Sep 13, 2011

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15
Simir Shah’s answer
Everyones situation is different we need to have someone qualified look at your credit. If there are issues then we get you on some programs that will help you rebuild your credit. Call me I have helped dozens of people.

Thanks
Simir Shah
312 970 0289
Web Reference: http://www.simirshah.com
0 votes Thank Flag Link Tue Sep 20, 2011
I would speak with a few different lenders. It depends on your situation but there may be some options for you!
0 votes Thank Flag Link Wed Mar 19, 2014
Try speaking to a few lenders to see what options are available for you. Good luck on your search.
0 votes Thank Flag Link Wed Mar 19, 2014
Depends on how bad. I have seen scores as low at 580 with as little as 3.5% down get approved. Let's talk!
0 votes Thank Flag Link Tue Mar 18, 2014
You will most likely need a minimum score of 620. Best of Luck to you on your search.
0 votes Thank Flag Link Tue Mar 18, 2014
Hi there, Concerned Citizen.

Whether or not a person with "bad" credit can buy a home depends on a few things.
No matter WHAT a person's credit is, cash nearly always works.

If the person with "bad" credit wishes to buy via a mortgage loan, then whether or not he or she will be able to do so depends on a number of factors - including how "bad" "bad" is (what the credit score is, specifically), how much cash the person plans to put down, etc. etc.

Do you have a real estate agent assisting you, yet?

If not, give us a call and we will put you in touch with someone who can assist you with all of your questions and throughout your search for and purchase of a home.

We can be reached at 312.242.1000.

Thank you for your post!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Wed Sep 14, 2011
Hello Concerned Citizen,
Bad is a relative term. Your first step should be to speak with a lender to figure out where your credit is exactly. Credit is one of the most important factors when purchasing a home because it allows the lender to make an educated decision on the level of risk they are taking when lending out their money. Credit scores are used to determine the likelihood of you paying the debt based on your previous financial patterns of paying others. We offer a free pre-qualifcation process as well as a program that can help you to restore and rebuild your credit if you fall into this category. If you would like more information, please feel free to give me a call to discuss further.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294
0 votes Thank Flag Link Wed Sep 14, 2011
Not likely in this market.

What I would do is get in contact with a lender and have them put you on the right path to improve your credit. This way you will have an improved credit score and be able to afford a place in no time.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Tue Sep 13, 2011
You have bad credit, do you have any money to put down on a house? It does sound as if seller financing might be your only option. But keep in mind there owner will probably want a sizable down payment, of anywhere between 5 and 20 percent.
Please be sure to consult a real estate attorney before signing anything out putting any money down on a new home.
0 votes Thank Flag Link Tue Sep 13, 2011
To be candid, it may be a challenged to get financed. By all means, talk to a lender ( a broker) and as Phillip mentioned the big banks are not your best bet. As this lending epidemic continues, I think seller financing will also become a more common option. Plus let's face it, you're not alone these days, in having some credit issues. Many of us have some blemishes from the past few years, so you are in good company. There are some sellers that understand that who aren't under water and looking to unload properties. Offering seller financing may be one of few things to set them apart from the rest of the market. I've got a couple of sellers now working on that premise. Keep that in mind if you don't get good news from your lenders. Try starting your search with seller financing or seller assistance. Let me know if I can be of help.
0 votes Thank Flag Link Tue Sep 13, 2011
Your best route is to discuss this matter with a loan officer.
0 votes Thank Flag Link Tue Sep 13, 2011
Nothing is impossible! There are lending options out there for buyers with lower credit scores and most banks' guidelines are beginning to loosen again so it is possible for someone with bad credit to be approved to buy a house. However, with that said, keep in mind that like anything else, the better your credit score the better your interest rate can be and the worse your score, the less favorable your interest rate could be.
0 votes Thank Flag Link Tue Sep 13, 2011
Yes. You need to have a good buyers agent.
0 votes Thank Flag Link Tue Sep 13, 2011
yes. they can pay cash, they can get a private loan, they can get a bank loan.. the worse the credit the more cash they need
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Tue Sep 13, 2011
It depends on how bad it is. FHA loans can work for people where conventional loans will not work. You need to speak with a few lenders and see what they might be able to do. Try to avoid the big banks because they tend to be rather rigid. My web site has some lender references, including fha. It does not cost to ask.
0 votes Thank Flag Link Tue Sep 13, 2011
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