How do I buy a house with poor credit?

Asked by Pwalker827, Syracuse, NY Tue Oct 2, 2012

Really want to buy a house within a year. My credit is low (currently working on it) and I was looking into fha loans. When i see the houses for sale on this website the estimated payments are way lower than my rent.

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12
Spriggs, Sco…, Agent, Syracuse, NY
Wed Mar 6, 2013
Empower also has a program for first time homebuyers to help them rebuild their credit and get into a home. And the carrot is a $7500 grant at the end of one year toward your home. I'd be happy to fill you in if interested.
0 votes
Steve Carroll, Agent, Fayetteville, NY
Wed Mar 6, 2013
There is a program call First time home buyer in Syracuse with Home Head Quarters. They will work with you to help you restore your credit and help you get to your end result in buying a house. If you buy a house in Syracuse they with give you $3000 for your down payment/legal fees to buy a house.
http://www.homehq.org I hope this helps.
0 votes
Richard Vazq…, , Syracuse, NY
Sat Feb 9, 2013
It is best to search for seller financed houses or rent-to-own leases.
0 votes
Joseph Pauld…, Agent, Rochester, NY
Thu Dec 13, 2012
I have a local Lender who will provide mortgages to people with poor credit. Hard to believe, but true... Got a 535 FICO Financed....call me!!

Joseph Pauldine
Associate Broker
John Arquette Properties, LLC
(315)591-8517
0 votes
voices member…, , Syracuse, NY
Wed Dec 12, 2012
You should be able to rent to own even if you have bad credit and if the seller is motivated enough they might even hold a mortgage for you. Depending on how bad your credit really is will be the key. For instance, do you have bad credit or NO credit. Many people don't know the difference and you could be a little bit of both. Do you have any cash saved up??

Mark
315-804-4847
0 votes
Sarah Barrows, Agent, East Syracuse, NY
Wed Oct 31, 2012
Unfortunately you cant buy a house with poor credit...i'm just being honest. But what you CAN do is work with a mortgage company that will help you fix your credit with the specific intention of buying a home, and find a buyer's agent who will be patient and be with you every step of the way! What you see of those mortgage calculators is usually close, but never 100% accurate. There are a lot of other considerations to take in. If you still have questions and have not hired a Buyer's Agent please feel free to call me direct at 315-701-6947 and I will connect you to the right people and get you on the path to owning your own home!
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David Leavin…, Agent, Syracuse, NY
Wed Oct 3, 2012
Remember the estimated payments are the mortgage payment only. There are additional cost in the final payment. Additional cost include yearly property taxes, mortgage insurance. And depending on the Lender there could be more monthly cost. Also I feel it is a good time to mention there will be closing cost. The Closing cost is around 10-11 % of the purchuse price of the property. There are some Government programs that will help you with the closing cost.

Also I agree with ZISIS SAKELLARIOU the best place to start is with a Realtor or a Lender of your choice. Hope this helps you and remember buying a home is a long prosses so you want all the help you can get. The first steps are the most important so call a professional to lead you in the right direction!



P.S. Deb Parker is GREAT!!
0 votes
Bill, , Southampton, NY
Wed Oct 3, 2012
Get your score to 580 and with a down payment and enought income FHA will work
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Anna M Brocco, Agent, Williston Park, NY
Wed Oct 3, 2012
There are other factors besides credit that determine mortgage qualification, therefore for a personalized answer, do visit with any licensed loan officer....
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Zisis Sakell…, Agent, Syracuse, NY
Wed Oct 3, 2012
Hello Mr/Ms. Walker,

A year is a typically enough time to get things is order if you do the right things. I agree with the other answers, you NEED TO CONTACT a Mortgage Lender THAT WILL HELP YOU. I suggest starting to build your team to help you purchase a house. A mortgage broker and real estate agent should be your first steps. Not all mortgage representatives specialize in credit repair, so it may take a couple calls to get you the information you need.

If you need any help, my cell phone is (315) 569-3360, I would be happy to help you find your home.

Zisis
0 votes
Joseph Pauld…, Agent, Rochester, NY
Wed Oct 3, 2012
That is exactly why you want to work directly with a Lender at this point!! Contact a Mortgage Broker(Debb Parker at Commonfund Mortgage-(315) 374-5830) and have your Credit pulled and reviewed. Then you will know EXACTLY what steps you need to take to be "Mortgageable"!!

Good Luck! Once you are Pre-Qualified, call me and we 'll get you out of the "Rent Race" and into a home for LESS!! Call me anytime(or txt)

Joseph Pauldine
Associate Broker
John Arquette Properties
(315)591-8517
0 votes
Spriggs, Sco…, Agent, Syracuse, NY
Wed Oct 3, 2012
If you are in Syracuse, Empower Federal Credit Union has a program for first time homebuyers that works with the buyer to help them buy a home. It is a one-year program where they review your credit and explain all the things necessary to improve it over the year along with providing minimal cash deposits over the term that serve as your downpayment. It's a great program.
0 votes
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