Home Buying in Omaha>Question Details

Holly, Other/Just Looking in Omaha, NE

Is it possible to buy a home when your credit score is below 600?

Asked by Holly, Omaha, NE Wed May 30, 2012

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Answers

7
Why bet against yourself? Credit scores are odds, they are probability figures that result from running your credit activity through a scoring matrix. A low credit score indicates you will not pay back a mortgage in a timely manner. Trying to take a short cut is just betting against yourself.
The higher the score the higher the probability is that you will pay it back on time. I would not trust any loan officer that tried to lend me money if my credit score was that low. That would be an indication they need the sale a lot more than they care about your welfare. Have your realtor introduce you to the loan officer they trust the most and ask for guidance, then follow the directions provided by the LO.
0 votes Thank Flag Link Fri Jun 1, 2012
I have one at 58th and Sprague. The wall between beds 2-3 was taken down making a huge master suite for 110,000.
0 votes Thank Flag Link Fri Jun 1, 2012
If you want seller financing, I might be able to help. I have 2br in Benson that is being remodelled now. 402-706-3030.
0 votes Thank Flag Link Thu May 31, 2012
It's Possible,
We would have to find a seller willing to be the bank. There are other things involved like if the seller owns the property free and clear. Another way to purchase with a less than perfect credit score is to rent with the option to buy while you are working on improving your credit score. You might be surprised at how fast this can be done.
Clare Marsh
Nice Lady REal Estate
402-708-0556
claremarsh@cox.net
0 votes Thank Flag Link Thu May 31, 2012
do you have any idea how many homes sit on the market for months, buyers becoming frustrated and agents who know of potential renters will not even approach sellers with potential rent/ buy options ~ Now granted, the rent option may mean the loss of a commission for agents, but if the buyers need to release the burden of mortgage, I feel agents should assist ~
Flag Sat Jun 16, 2012
do you have any idea how many homes sit on the market for months, buyers becoming frustrated and agents who know of potential renters will not even approach sellers with potential rent/ buy options ~ Now granted, the rent option may mean the loss of a commission for agents, but if the buyers need to release the burden of mortgage, I feel agents should assist ~
Flag Sat Jun 16, 2012
Call Joe Iaccheri with Regent Financial at 402-884-5613 and/or Dick Hovorka with Home Services Lending at 402-981-1853. They are both talented lenders that put you on the right path.
0 votes Thank Flag Link Thu May 31, 2012
Holly,

Give me a call or shoot me an email. I have a loan officer that specialize in that. 402-915-3811 or fred@gtrsales.com.

Fred
0 votes Thank Flag Link Thu May 31, 2012
Contact Brian Page at 402-397-1746 or brian.page@usbank.com
Flag Thu May 31, 2012
Best thing to do is call a loan officer make plan to correct your credit score.
0 votes Thank Flag Link Thu May 31, 2012
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