Home Buying in Dowagiac>Question Details

Mopar, Other/Just Looking in Dowagiac, MI

can i buy a house, w/ poor credit?

Asked by Mopar, Dowagiac, MI Thu Feb 18, 2010

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3
Hi Mopar

It depends. Lenders look at not only your credit score, but the reasons behind the credit scores being where they are. If you don't pay your bills or have had a recent bankruptcy, then you will almost certainly get declined for financing. After all, we're dealing in large sums of money here and banks are cautious. They want to lend money, but only if it's likely they'll get paid back. And credit scores are a pretty good indicator of a person's willingness to pay their debts. Remember, homeownership is a privelege not a right.

Speak with a local reputable lender who can tell you where you stand and point you in the right direction if your credit is not quite where it needs to be. Best of luck!
0 votes Thank Flag Link Fri Feb 19, 2010
How poor is poor--visit with any qualified loan officer(s) and see what your budget can handle and check your credit score again--your officer may have suggestions on to best improve your credit in the fastest way. An FHA loan requires a minimum score of 620 and 3.5% down; there are some lenders that may allow a 580 score with 10% down, however the interest rate is higher. If it's really poor, work on paying down debt, pay off old debts, etc.
0 votes Thank Flag Link Thu Feb 18, 2010
You will need to speak to a lender to see just how poor your credit is. If you do have poor credit, they can let you know what you have to do to improve it.
0 votes Thank Flag Link Thu Feb 18, 2010
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