Your best bet is to talk to a mortgage person to find out how "bad" your credit is. Your version of "bad" could be different than what you think may be acceptable. If you get a good mortgage person to help you then if you cannot get a loan they will help guide you as to what you need to do to fix your credit. There are also credit counselors out there that can help you fix your credit and pay down some debts. Lastly, you can always check into a lease purchase deal. If you have money to put down upfront you may find a seller in todays market that would be willing to work with you to sell their home and have their mortgage paid for instead of losing their home. Hope that helps. If you need a mortgage person contact feel free to let me know!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172
You first priority is to contact a mortgage person to see if it can fly at all. Are you a first time homebuyer? there are programs available for first time homebuyers that may be more flexible adn can work for you.
If you need a mortgage contact, email me for information with a Wells Fargo agent that I use.. maybe he can help you .
Orange Key Realty
If you just owe more on credit cards then reduce balance by 50% or more never close a credit card account your scores will increase.
You can request your realtor search for a lease purchase home when your credit is clear you can purchase the home. These types of transactions are tricky
With new guidelines you need a minimum 600 credit score. As already stated "bad" is relative. Do you have open collections? Are you ever filed bankruptcy? Like anything else that is damaged- credit can be fixed. You just need the right professional to assist you. Having stable employment and seasoned down payment funds is great start. What you need to know now is how much you qualify for now and what you can do to improve your qualifications. You situation is not unusual. If you will like to know how to avoid common mistakes folks make in similiar situations give a call. It will be my pleasure to assist.
Jeremy S. Hill, Realtor Associate, Mortgage Consultant
Keller Williams Realty, Aurora Financial Group, Inc.
Licensed PA, NJ
"Your Interest 1st Always"
While it's true that there are loans out there for less than perfect credit, such as FHA, these programs do consider your credit history (just not really the scores) and if you've had severe missteps in the past such as bankruptcy or foreclosure) or if you've had a lot of blemishes in the last 12-24 months then it's going to be really difficult. If you've had problems in the past most lenders want to see that you've taken steps in the last year or two to correct the situation and become financially responsible. After all, owning your own home is a privelege not a right, and I think that the main goal in putting someone into a home should be SUSTAINED homeownership, not just plain homeownership. We want to set you up to suceed, not to fail.
Do yourself a favor and speak with a local, reputable bank or mortgage company. Bricks and mortar, stay away from the internet yahoo's. They can take a look at your credit and financial circumstances and tell you where you stand right now. If you're not in a position to qualify now, then they should be able to guide you down the right path so that someday you can qualify for loan. Think of it this way Richard: if you want to run a marathon you don't just hop out of bed one day and start running. You need to train hard and prepare to put yourself in the best position to succeed.
Best of luck
I can help with your mortgage!
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704
I have worked with many individuals to correct bad credit and get them approved for buying a home. Many times it is just a matter of tweeking credit scores a bit. I
don;t be discouraged...!
The minimum scoring would be 580..
You need a qualified professional who is willing to work with you to help you get your scores back to credit worthy condition. Sometimes it takes some perseverance but the end result is a good thing.