Home Buying in Harrells>Question Details

Tia, Renter in Harrells, NC

if i have bad credit how hard will it be to get a home loan

Asked by Tia, Harrells, NC Wed Sep 15, 2010

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You can also go to the USDA website, they are not credit score based, they look at everything. Their site has a lot of information on how to qualify.
0 votes Thank Flag Link Fri Oct 3, 2014
Without knowing how bad your credit score is, there’s really no good way to answer your question. I would advise speaking to a mortgage lender in your area and asking them to “pre-qualify” you for a mortgage They will determine if there is a loan product that would work for you and if not they should be able to guide you on the steps you’ll need to take to qualify for a mortgage. It may take some time, but if you follow their advise your credit will improve and you’ll get yourself into a position where you are credit worthy and can buy a home.

Good luck.
0 votes Thank Flag Link Sun Sep 19, 2010
There is more than one way to purchase a home. Look for a home offered with owner financing or on lease option(rent to own) terms. You can rehab your credit over a 3 year period an obtain a loan to purchase the home up to 3 years later with part of the rent applied as cedits.
0 votes Thank Flag Link Thu Sep 16, 2010

"Bad credit" to me, as a loan officer, has two facets. First there are the actual credit scores, and second are the items that caused the scores to be what they are. In order for you to get a home loan, you need to get an understanding of both factors, and then take the necessary actions that will make things better.

If you think I can help you do that, please let me know.

Good luck,

Rob Spinosa
0 votes Thank Flag Link Thu Sep 16, 2010
Honestly, I hope very difficult! If you have bad credit, it is usually the result of not being responsible with your finances. How in the world are you going to be responsible on the largest purchase you will ever make?!?!
0 votes Thank Flag Link Thu Sep 16, 2010
Hi Tia. My good friend and attorney used this company with excellent results. They boosted his wife's score over 100 points in a short amount of time. In the 'game of life', you MUST have excellent credit to 'play'. Start here by contacting them. He told me they are very reasonable:



Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Thu Sep 16, 2010
Bad is a relative and nebulous description. You need to start your loan transaction like every journey; with a first step. You need to know what your actual score, but, more importantly, what is contributing to the score. If your score is too low to obtain a loan, you need to develop a plan with your lender to raise your score. A good and reputable lender will assist in developing a plan and work with you until you are ready to buy. All that most will ask in return is your custoomer loyalty when you are able to pull the trigger on a purchase.
0 votes Thank Flag Link Wed Sep 15, 2010
Yes, see a loan officer but also work on getting your finances in order. There is no hurry, no sense of urgency and no reason why you can't wait until you are in a comfortable financial position to buy.

Home ownership carries tremendous responsibility and tremendous potential pitfalls, especially in these tough times, if you are financially over your head.

Also keep in mind that even if you can get a loan, if your credit score is low, your mortgage is likely to cost you more, perhaps a lot more.

Be patient, improve your credit, save money and increase the length of your employment history. All of these things will ensure that when the time is right, you will truly be ready to buy.
0 votes Thank Flag Link Wed Sep 15, 2010

Many people feel their credit rating is worse than it really is......we recommend contacting a loan specialist to find out about your credit rating and whether or not you can qualify for a loan.

People that can not qualify for a home loan are often seeking other avenues to fulfill their financial needs. Seller financing and lease options are two popular alternatives that are producing results for some individuals.

Best wishes,

0 votes Thank Flag Link Wed Sep 15, 2010
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