Can I buy a new home with not so great credit if I am putting 50% of the cost of the house down?

Asked by Tara, Aston, PA Sun Jan 25, 2009

I would love to sell my home and purchase a new one. The good news is I would have about 125,000 to put on a new house after selling my current home. However, my credit history is not so good. I have had some financial problems that I have recently straightened out with a new job and a large increase in my pay. (Went from 35,000 to 62,000) So my question is will I get approved for a new home with a large downpayment and not so great credit?

Help the community by answering this question:

+ web reference
Web reference:


Terrence Cha…, Home Owner, Allentown, PA
Sun Jan 25, 2009
Your first step would be to go to a local lender or credit union who can do home loans. With a locally know bank or credit union instead of one of the "big" boys, there would be more of a chance that they were not affected by the financial crisis so their requirements may not be as strict as the nationaly know places.

That being said, with 50% down, you may not have as much of an issue as you may believe. Get with someone local and ask.

Once you have that settled, then start interviewing agents to get you home on the market and marketed properly. Please give me a call if you have any further questions.

Terrence Charest, e-Pro®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 267.614.1494
Office: 215.659.5250
Fax: 215.659.5550
1 vote
Hannah Flieg…, Agent, Larkspur, CA
Sun Mar 29, 2009
Hi Tara,

Why not repair your credit. I can help you I offer credit repair, it takes 6 months and is very affordable.
0 votes
Cheryl R. Su…, , Schwenksville, PA
Mon Jan 26, 2009
Hi Tara, check with a mortgage person to see if you had the money to put down if they would consider giving you a loan. They will weigh the liability with the risk in giving you a loan. Is it possible to pay off any debt you have first? They would be more willing to lend to someone with little or no debt and a better credit score. The other thing is with a really low credit score, the interest rate you will get - if you can get a loan- will be extremely high.
0 votes
Marty S, , Irvine, CA
Mon Jan 26, 2009

This is entirely doable. I would find a tusted mortgage broker and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
Michael D De…, , 18969
Mon Jan 26, 2009
It would depend on how bad your credit problems are and if they need to be fixed. With a little more information I would be able to give you a more accurate answer. Feel free to contact me with your questions.
The very best of luck to you!

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more