Can a person still buy a house with having bad credit?

Asked by gina vernon, Georgetown, SC Sat Apr 13, 2013

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Christina Hayes’ answer
Christina Ha…, Other Pro, Morristown, TN
Tue Jun 11, 2013
Have you looked at your credit reports to see what exactly is going on? If not pull your credit via you will have to pay extra for scores from the big 3. You want to start paying off debt. Dispute what you feel is inaccurate. Within a year of really applying yourself to correct your credit you should be able to get qualified for a mortgage.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
0 votes
Heather Augh…, Agent, York, PA
Tue Jan 28, 2014
This depends on the details and severity of your credit scores. We have a credit repair department that can look over your credit history and put you on the right path to repairing your credit.
The fee for this service varies, but when your credit is repaired, you receive the fee back at settlement. This service sets you up for success! Please feel free so contact me and I can get you in touch with our repair department and they can also guide me as to when the time is right to find you a home in the York area. Heather 717-586-6966.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri May 3, 2013
Good afternoon ginafv74,

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.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Christina Ha…, Other Pro, Morristown, TN
Thu May 2, 2013

Many lenders will require a 620 minimum credit score.. If you have charge offs and collections you will have to pay these down. If you are serious about purchasing a home, we can help you restore your credit and improve your credit score to get you qualified for a home loan.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years

We also have a DIY service.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Apr 13, 2013
Depends on just how bad; most lenders prefer a 640 score, however there are other factors besides credit that determine mortgage qualification; therefore for a personalized answer, visit with any licensed loan officer, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
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