Home Buying in Hamilton>Question Details

Marlysh, Renter in Hamilton, NJ

My husband and I have really bad credit. Would we still be able to buy a house?

Asked by Marlysh, Hamilton, NJ Sat Jan 21, 2012

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Mack McCoy’s answer
Sure, but don't.

Would you try to run a marathon on a really badly bruised ankle? So why would you commit to a thirty-year mortgage with badly bruised credit?

The prescription for each is rehab. Rehabilitate your credit, build up your strength as a borrower, get back into the swing of paying off your bills on time. Then, and only then, should you consider taking out a loan to buy a house.
3 votes Thank Flag Link Sat Jan 21, 2012
You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can!
4 votes Thank Flag Link Thu Aug 1, 2013
I work with a great mortgage consultant who had helped a lot of my buyers in difficult situations to buy a home. If he can’t help you now he can definitely let you know what you need to improve in order to buy a home in the future.
Give me a call at your convenience.
Thank you
Realtor, Sales Associate NJ & PA
Keller Williams Princeton & Delaware Valley Realty
Office: (609)987-8889 Ext.1328 Cell: (347)782-2036
Email: SurenRealtor1@verizon.net
Search for your dream home by Features, Location, School district or listing number at:
Web Reference: http://freeMLS.org
1 vote Thank Flag Link Sat Jan 21, 2012
Monique, if your fico score is 600 I will be able to qualify you for an FHA 30 year fixed mortgage loan. If your fico is under 600, let's start working on getting you to 600+! It starts by you giving me a call today! - Alex Sanchez (908) 414-8253. Don't allow the opportunity of owning your ideal home slip away!!
1 vote Thank Flag Link Sat Jan 21, 2012
Lts get right to the point.
Visit with a Lender.
Find out what your issues are.
They will tell you if there are programs that will work for you.
They may also be able to advise you on ways to best repair your scores
0 votes Thank Flag Link Sat Jan 21, 2012
Best thing is to not pre-judge your credit and let a good, local lender review everything.
0 votes Thank Flag Link Sat Jan 21, 2012
Hi Monique!!

First off, "bad" is a relative term. What used to be considered bad is now closer to average. So it depends on a lot of different factors.
I am a Realtor here is Hamilton and I can certainly point you in a few different directions with regard to both your credit and future real estate investment.
Feel free to give me a call or shoot me an email anytime.-
Jill Conner
Smires & Associates
0 votes Thank Flag Link Sat Jan 21, 2012
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
0 votes Thank Flag Link Sat Jan 21, 2012
Much will depend on just how poor your credit is; however there other other factors besides credit that determine mortgage qualification; therefore if you haven't done so yet, visit with any licensed loan officer; after reviewing your overall financial information, a determination can be made; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to be able to purchase in the near future. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sat Jan 21, 2012
Mortgage Rates are so low right now as well as low home prices make for low mortgage payments. Making this an Excellent time to buy!

Hopefully your perception of bad credit is not as bad as you think. Speak to a reputable mortgage representative to see how the see your credit. If your credit is not where it should be to purchase get direction from the mortgage representative on steps you should take to repair the credit to get you in a position to buy in the future

Hope this helped you by giving you direction.

Good luck!
0 votes Thank Flag Link Sat Jan 21, 2012
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