Home Buying in Wyoming>Question Details

Vianca, Renter in Wyoming, MI

i do not have a good credit, on the contrary i have bad credit.. can i still be able to purchese a home?

Asked by Vianca, Wyoming, MI Sun Nov 7, 2010

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Hi Vianca,

I really do understand you, more than most. I was in a similar situation a while back. I was looking to purchase a home for my family, had good income, but my credit was awful (low 500's) My loan officer told me that I needed a middle score of 620 to qualify for an FHA loan and sent me to http://www.CreditFirm.net

3 months later I was pre-qualified for an FHA home loan. Don't give up, do your due diligence and work on improving your credit score. If I can get a mortgage, anyone can.

Good Luck!
0 votes Thank Flag Link Wed Jan 18, 2012
Hi Vianca I have read several of the answers below and do aggree that you are going to need a good mortgage lender when it comes to purchasing a home and you definetely need to see your credit reports to see exactly how good or bad your credit is. I would like to suggest you take a little different approach. I would like to see you go online and pull your own credit reports, that way you actually have something to look at and to review witha local lender or credit counselor. At that time then it can be determined if it makes to sense to have your credit pulled. This route is going to help you avoid having an inquiry added to your credit reports which can lower your scores. Keep in mind that the scores you wil get offline will be different then what a lender would see but the information of what exactly is on your reports is what were looking for at this point. If you would like some help getting these reports and to me have review them with no for free, give me (Garr) a call at 616-530-4883. After we determine what we need to do to assist you in building your credit we can refer you to a local mortgage company and realtor that will best suit your needs. Also I want to encourage you to come to our next credit matters calss on Dec 4 a link to the class is below.

http://www.facebook.com/?ref=home#!/event.php?eid=171775729500308
Web Reference: http://www.creditgs.com
0 votes Thank Flag Link Mon Nov 8, 2010
Hi Vianca!

I strongly suggest you sit down and meet with a lender, most will do it for free. They can pull your credit, then give you a game plan to get you in a home buying situation. They have the best ways to get your credit scores up and know of any special programs and knowledge of assistance programs to help you on the right path. At least you will know what you need to do and have a game plan. Good Luck!!!

Kindest Regards,
Dianne Hicks
Homesmart Real Estate
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Mon Nov 8, 2010
Hi, You should have your credit report pulled so you know exactly what is on it. Look it over and make sure there aren't any discrepancies, if so work on getting those cleared up. Speaking with a loan officer will give you the insight you will need to move forward. The lending guidelines change all the time so a loan officer will be able to tell you what you need to qualify for a loan. There are many safe loan products today for people that don't have perfect credit. Good luck!

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Nov 8, 2010
Vianca,
Many of the answers below are making some assumptions about your situation. You indicate you have "bad" credit, but you don't describe what that entails. Before going further, I think its a very good idea to figure out just how "bad" you situation is. As was previously suggested, a reputable mortgage loan officer is a great place to start. Loan officers with experience in the industry can usually look over your job, credit, assets, etc. and determine if you can qualify for a loan and what kind of loan. There are many different loan products out there (FHA, MSHDA, USDA/RURAL, CONV, etc.) that are taylored to different buyers and different situations. In the Wyoming, MI area, I would suggest Bob Hien of Priority Mortgage. You can reach him at
(616) 292-6703. Bob will go over your situation with you and if you can't qualify for a loan right now, he can make some suggestions on what you need to do in order to get in better position for a loan in the future.

In the meantime, start saving money!! The more money you have available, the more options you will have for buying a house. Some sellers who own their homes free and clear are willing to sell on land contract with a big down payment. This could also be an option for you.

If you need further assistance, please click my name. I've been a real estate agent for 20 years in the Grand Rapids area and can help you in many ways! Good Luck!

Randy Charboneau
Independence Realty
616.262.0001
http://www.independence-realty.com

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0 votes Thank Flag Link Mon Nov 8, 2010
Vianca - your question is better asked to a mortgage lender. Good credit/bad credit can change in an instant with the payment of a bad debt or bringing current of a outstanding balance due. I am a REALTOR professional who relies heavily on a few terrific mortgage professionals to guide my clients regarding their financial matters. Once you are working with someone to determine your financial qualifications, there may be options that will allow you to purchase now, such as a co-signer if you have a family member or someone close to you willing to help you. Or, the lender may be able to assist you in cleaning up some of the bad debts you have outstanding or at least put you on a path toward being ready to qualify to purchase a home in a prescribed period of time. If you are interested in speaking to the professionals I trust as a first step in a relationship with a REALTOR that cares about establishing a relationship for life, please contact me directly.
Web Reference: http://www.ReneeHavens.com
0 votes Thank Flag Link Mon Nov 8, 2010
Vianca,

There is only one way to find out, and that is to speak with a reputable lender or lenders in your area. Align yourself with a good buyer agent, and that person should have the relationships necessary to find out those answers for you.

Good luck
0 votes Thank Flag Link Mon Nov 8, 2010
You may purchase if you have cash to spend on a property.

You can also find properties that are financed by the Seller - although these are more difficult properties to locate.

You should be able to document why your credit is bad, and instill enough confidence in the seller to consider lending money to you to purchase.

Good Luck!

Gerry Dunn
Associate Broker
MD/VA and DC

703-216-9100
0 votes Thank Flag Link Mon Nov 8, 2010
Vianca,

You will need to repair your credit before buying..........even some are having a hard time with good credit right now. I see you are in Wyoming, there is a very good credit repair company in your neighborhood.
http://www.facebook.com/event.php?eid=171775729500308
There is no time like now to get ready for next spring!
0 votes Thank Flag Link Mon Nov 8, 2010
Hi Vianca. Before you do anything, you must repair your credit, start paying off anything that's making you have a low score. Here's one place to start:

http://www.lexingtonlaw.com/

GOOD LUCK.

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Mon Nov 8, 2010
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