how hard is it to buy if your credit is bad ?

Asked by John Manligas, Nob Hill, San Francisco, CA Wed Dec 22, 2010

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Answers

11
Rich, Other Pro, Las Vegas, NV
Fri Jan 1, 2016
It can be difficult and you may be required to put a substantial amount down, but its not impossible.
One thing to remember is low scores get higher interest rates on the loans & the low score could cost 100"s of thousands in interest. It's best to raise your scores first then go home shopping.

If you need help raising your scores we can help raise your scores dramatically in WEEKS,
IF YOU NEED OUR HELP VISIT izmCreditServices.net then contact us.
0 votes
Rich, Other Pro, Las Vegas, NV
Fri Jan 1, 2016
It can be difficult and you may be required to put a substantial amount down, but its not impossible.
One thing to remember is low scores get higher interest rates on the loans & the low score could cost 100"s of thousands in interest. It's best to raise your scores first then go home shopping.

If you need help raising your scores we can help raise your scores dramatically in WEEKS,
IF YOU NEED OUR HELP VISIT izmCreditServices.net then contact us.
0 votes
Rich, Other Pro, Las Vegas, NV
Fri Jan 1, 2016
It can be difficult and you may be required to put a substantial amount down, but its not impossible.
One thing to remember is low scores get higher interest rates on the loans & the low score could cost 100"s of thousands in interest. It's best to raise your scores first then go home shopping.

If you need help raising your scores we can help raise your scores dramatically in WEEKS,
IF YOU NEED OUR HELP VISIT izmCreditServices.net then contact us.
0 votes
Robert Krop, Agent, Frederick, MD
Thu Mar 20, 2014
It can be difficult. Sometimes lenders require larger down payments or have higher rates. FHA does offer lower credit score requirements. If you aren't in a hurry to purchase, I would recommend contacting a local lender about repairing your credit.
0 votes
, ,
Tue Dec 28, 2010
Our private money investors do not consider credit scores, employment or citizenship. But, you will need 40% down.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Dec 23, 2010
All is based on the following:
1) Credit scores
2) Employment
3) Debt / income ratio

What are the factors which make up low credit score? Is it debt ? Or charge off's? Bankruptcy? Short Sale? Foreclosure? These issue would need be addressed to raise your scores purchase a home

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Terrence Cha…, Home Owner, Allentown, PA
Thu Dec 23, 2010
If your score is below 620, then you need to work at bringing it up.
0 votes
Lance King, Agent, San Francisco, CA
Thu Dec 23, 2010
John,

As the others have mentioned, "bad" needs more definition. I can tell you that in the old days it was a lot easier, but lending guidelines have gotten much more difficult. Most likely if you are able to get a loan it will require a higher down payment and/or a higher rate.

Happy to refer some lenders to you so you can see what's available to you.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes
Matt Puzz, , Phoenix, AZ
Thu Dec 23, 2010
Please be more specific John, you have no picture and we on the site know that you may be in the Nob Hill area of SF; other than that this group of professionals on this site want to help you but please tell us more.

I have financed plenty of people that have told me they have bad credit only to find that it was the result of something that happened 10 years ago.

Please tell more. If you want to contact me I will help you along with my partner that is licensed to write mortgages in CA.

Matt Puzz
Licensed Loan Originator
Amerifirst Financial, Inc.
602-410-9333
apply online: http://www.mattpuzz.com
Web Reference:  http://www.mattpuzz.com
0 votes
Oggi Kashi, Agent, San Francisco, CA
Wed Dec 22, 2010
Hi John

What's your definition bad credit? Let's start here:

Do you know your credit score?
Have you gone through a foreclosure, loan modification or debt forgiveness?
Are you late on payments for automobiles or credit cards?
Have filed for bankruptcy?

I have fantastic lender contacts who can help you figure out your purchasing power and ability. The best thing you can do is to have your options evaluated by professionals who are realistic and honest. Feel free to contact me for assistance.

Oggi Kashi,
Broker Associate
Paragon Real Estate Group - dre: 01844627
(415) 690-3792
Web Reference:  http://www.oggikashi.com/
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Dec 22, 2010
You'd need to define what you consider to be "bad"
0 votes
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