Is there anyway to buy a home at this time with bad credit ...and if so how long will the process take ?

Asked by Bossie, Harris County, TX Sun Sep 27, 2009

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Amber Carril…, , Houston, TX
Sun Sep 27, 2009
Hi Bossie,
Do you know what your credit score is by any chance? That will be the greatest factor. I have some great mortgage people that can do extraordinary things. Please call me at 832-*643*5632 or email me at and I will get back with you with some answers. Thanks!
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Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Sun Sep 27, 2009
Your definition of 'bad' credit may be different than the Lender's definition.
For example, if you had a rough patch a while back and have been good since..... You might find the lenders very warm to your credit profile.

Let me know if I can answer any follow questions.
1 vote
TCP Real Est…, Agent, Austin, TX
Sun Oct 4, 2009
First, what is your definition of bad credit? Have you had a foreclosure or bankruptcy? You will need to contact a reputable lender to discuss your specific situation.

Typically, an FHA loan is easier to qualify for than a conventional loan. Perfect credit is not required but you will need a credit score of 620 or higher.

If you are not in a position to purchase in today's market, I would suggest getting on track through credit repair and saving money for a down payment in the future.

Good luck!
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"Carolina Jo…, Agent, Charleston, SC
Sun Sep 27, 2009
Two other options would be to pay cash or find a home where the seller is willing to do owner financing.
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Rick Grau, Mortgage Broker Or Lender, Baytown, TX
Sun Sep 27, 2009
The answer to that is going to depend on how bad is bad. The score itself is very important, generally requiring a 620 middle score to get a deal done. But there are particular issues that could totally negate any hope of getting a loan. A foreclosure, for instance, is going to keep you out of the market for at least 3 years. However, if you just have low scores because of not enough credit or balances that are too high then those type of things can generally be improved, sometimes quickly. It's just impossible for anyone to advise you too closely without knowing EXACTLY what the "bad" is.
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Joe Salcedo, , San Jose, CA
Sun Sep 27, 2009
Hi Bossie,

Are you going to buy cash or installment you do not specify in the question. if you
pay cash no problem at all but if apply for a loan that is different. If you FICO scores
low it is difficult to get a loan. Again it depends on the income both you and
wwife. My recommendation is to apply for a new loan with Lenders he/she
explain to you how the process is.
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