Home Buying in 14568>Question Details

Mike, Other/Just Looking in Walworth, NY

can i buy a house if i got a bad credit or no credit?

Asked by Mike, Walworth, NY Wed Aug 3, 2011

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Shane Milne’s answer
Hi Mike,

Bad credit is much different than no credit. If you have bad credit, without ANY good credit, you are definitely going to need to start getting some good credit and anywhere from 12-24 months of it before you could realistically obtain mortgage financing. I'd recommend you start out with a few secured credit cards - Capital One® Secured Mastercard®, Orchard Bank® Secured MasterCard & Public Savings Secured Visa® Credit Card are all fairly easy to qualify for even with bad credit. You can read up more about getting credit cards to start rebuilding your credit at http://www.myfico.com/Credit-Cards/

If you had no credit, as in no good credit OR bad credit, then you'd actually be better off than having only bad credit. I explain all of the details very clearly in my blog entry which the link is the web reference.
0 votes Thank Flag Link Thu Aug 4, 2011
I agree with Margaret. One good thing about lenders is; they can look at your credit and guide you in the direction of repairing it. They know how much it will raise your score by paying certain things off or down. I suggest you speak to one and come up with a game plan.... It will give you hope!
0 votes Thank Flag Link Wed Aug 3, 2011
Mike - You can certainly buy a home with cash, even if your credit is bad. But you wouldn't be able to get a loan with bad credit. If you have no credit, you can talk to a lender to see what needs to be done in order to get a loan.
0 votes Thank Flag Link Wed Aug 3, 2011
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