We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!... more
There are always different houses/mobile homes for rent in the area. The problem is they are usually rented very quickly since it is a desirable place to live. Another problem is most landlords either don't know how or just don't want to bother with listing online for rent. I recently had a rental property that I just spoke of getting ready to rent and before I could advertise it, someone had wanted to rent it. Also most renters in the area stay for long periods of time.
The housing shortage in this area will only get worse and become more expensive once the new theme park "The Ark" is built.
Your best bet is to drive and catch the numbers on the for rent signs that you see.
Other than that, have you considered buying? So many think it is beyond their ability, but its usually not. With a little time and effort, in six months to a year, even the worst credit can be fixed. But you have to want it.
On that note, this area will be an excellent investment area because of the planned expansions.
I watched someone buy a mobile home (granted it needed a little tlc) for $2k earlier this year. So, don't give up!... more