Home Buying in Bakersfield>Question Details

riddlezz1, Home Buyer in Bakersfield, CA

Is it possible to buy a home with bad credit at all?

Asked by riddlezz1, Bakersfield, CA Wed Jun 13, 2012

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3
What is Bad credit and what is causing your credit to be bad? That is what I would want to know first. The first thing I think you should do is talk to a lender and find out "WHY" they wont give you a loan. Then ask them how you can fix those issues. Credit scores can be fixed in a short amount of time, depending on the issues..
0 votes Thank Flag Link Sat Jul 7, 2012
If you credit is really bad, probably not. If it's in the 500-600 range...you may get by with an FHA loan.

If your credit is poor, I would honestly be concerned about whether buying a home is the best thing to do. Generally, your credit score reflects your financial standing. Buying a home costs money, and plenty of it. We've all witnessed folks who got in over their heads...I would hate to see that happen to you.

For the utlimate answer, I second the advise you've been given and suggest contacting a mortgage broker.
0 votes Thank Flag Link Wed Jun 13, 2012
I would suggest that you contact a mortgage company for the answer to your question. It is possible that you might qualify for a house depending on your situation. FHA recently lowered the FICO score requirement. If you need the name and contact information of a qualified loan officer, please let me know. If you don't qualify right now, they will tell you what you need to do to get qualified and how long that might take. Once you get your pre-qualification letter from the lender, you are ready to start looking for a home. Let me know if you need help regarding this matter by calling me or emailing me. Thank you.
0 votes Thank Flag Link Wed Jun 13, 2012
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