I am a renter with bad credit but would like to purchase a home. What possibilities exist for me to purchase an inexpensive home?

Asked by Jimmy, East Point, GA Thu Mar 8, 2012

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6
jalal, Home Owner, East Point, GA
Mon Aug 27, 2012
0 votes
Elisia Goodw…, Home Buyer, East Point, GA
Thu Jul 26, 2012
call naca and they can help. They don't go by your credit score, but by how you pay your bills. If you have paid your bills on time for the past 12 months and can prove this then they will be able to assist you. I am going through the program and I am getting ready to purchase my home with no money down and an interest rate of 3.2. Don't let bad credit stop you from getting what you want. Also make sure to take care of any bills you have on your credit that are 24 months or less. If you are disputing any of them then write a letter explaining why.

Good luck,
0 votes
Larry Casner, Agent, Fayetteville, GA
Wed May 2, 2012
I'm sure this isn't what you want to hear, but if your credit is compromised, any financial options you have available to you at this stage will be preditorial in their nature and designed to exploit your situation.

Sort of the same principal as the used car salesman who sells the same car four times, the investor offering owner financing is usually attempting to increase his short term gains over that of a traditional rental.

Furthermore, with owner financing, you don't receive the benefit that your on-time monthly payment is assisting in the repair of your credit, for it's not reported to the credit bureaus.

When it's said and done, your inexpensive home will be anything but.

Improve your scores or save your pennies and pay cash. It's your best bet.
0 votes
Annette Levi…, , New York, NY
Fri Mar 9, 2012
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
0 votes
davidwbrower, , Woodstock, GA
Thu Mar 8, 2012
What exactly is "bad credit?" Your question is to vague to answer here and you should really discuss this with a loan officer, not an open forum online. The price of the home is irrelevant. You must qualify for any home you purchase no matter the price. If a bank is going to give you money, there must be a chance you have the possibility of paying it back.
0 votes
Michael Hamm…, Agent, Suwanee, GA
Thu Mar 8, 2012
If you cannot qualify for a mortgage yet, Jimmy, and "bad credit" tends to do just that, you might consider an owner financing or Lease Purchase Option. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
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