Leroy, Renter in Jefferson

I make 80,000 per year and would like to buy a house, unfortunately I have bad credit. Is there anyway that I can buy a house with bad credit.?

Asked by Leroy, Jefferson Sat Feb 18, 2012

I currently pay 1400.00 per month bills included in rent. I would prefer to put this money into my own home.

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Adrienne Nug…, Agent, San Antonio, TX
Mon Jan 7, 2013
I have a great Mortgage Firm on my team of professionals. I direct all my clients to him whether they have good or bad credit and sometimes no credit it all. Please call me and I can direct you to him. He will do everything he can to make sure you get the best type of loan and/or assist you in getting your credit where it needs to be to qualify. Hope to hear from you soon.
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Craig, Home Buyer, 78237
Fri Jan 4, 2013
leroy, I mite be able too help contact me.
818 342 8787 craig
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Annette Law…, Agent, Palm Harbor, FL
Mon Feb 27, 2012
1. If your credit is bad because you are a chronic delinquent payer, a real problems does exist. I know I would be reluctant to loan someone money if I had to keep going after what they owe me.

2. IF however, your bad credit is directly related to an event, situation or temporary occurance, there MAY be options.

3. Do you have a pile of cash....a bigger pile of cash socked away? OUTSTANDING!

If 2 and 3 apply to you, there are more options than you might imagine. Call a multi-dimensional real estate pro and see if they can get you into a home. If they are single dimensional, they only know cash and bank financing. These agents can not help you.

If #1 applies...you need to exercise financial discipline, get that credit score fixed, then would be the best time to buy a home. It could be easier than you think.
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Jason Campbe…, Agent, San Antonio, TX
Mon Feb 27, 2012
The quick answer is yes... there are several options.

If you are military or qualify for Texas Vet... you can go all the way down to a 580 credit score (which is not great)

You can do owner financing - limits the homes you have to choose from, and they usually want a 10-20% down payment.

You can fix your credit... - There are several really good, and reputable credit clean assistance companies you can work with that will get your credit all fixed up. May take a little time, but it's always worth it.

You can use a special financing program like NACA - But.. dont be in a hurry, this process is long and frustrating... but it works.

Web Reference:  http://www.SAHomeExpert.com
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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon Feb 27, 2012
Whatever you do, don’t misrepresent your credit history, see more info on the link below, I hope it keeps you from harm, good luck,
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Aaron Guzman, Agent, San Antonio, TX
Mon Feb 27, 2012
Hello Leroy,

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Annette Levi…, , New York, NY
Tue Feb 21, 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.
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Erik Saenger…, , San Antonio, TX
Mon Feb 20, 2012
Yes , Alamo Home Source, they provide owner financing. Call Erik ar (210) 439-4471 for more info.
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Brian Paris, Agent, San Antonio, TX
Sun Feb 19, 2012
A boatload of cash (like 20%) can sometimes offset bad credit. The more you are putting down (lessening the bank's risk) the easier it is to close the deal. Sometimes the reason why the credit challenges happen can also sway the decision. Here's what I recommend:


1) understand your credit report, pull it and know what is on there.
2) dispute anything that is incorrect or outdated
3) start a pattern of good credit, put new good history after the past bad

Get with a good mortgage lender to see what needs to be done from a mortgage perspective. How mortgage lenders look at credit is different than other types of lenders.

If you do these things, hopefully by the time your lease is up,you will be in a position to get the home that you want without paying an arm and a leg in interest. GOOD LUCK!
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Jose Novelo, Agent, San Antonio, TX
Sun Feb 19, 2012
The answer is Yes and No, Yes if you buy with no banks involved and No, because good credit is the First thing lenders look for. In any case, have an Experienced and professional Realtor guiding you in the process. By the way I have two homes for sale and the owners is willing to finance the sale. Let me know if you want to see them.
Good Luck.
Jose L. Novelo
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Elliott R. O…, Agent, McLean, VA
Sat Feb 18, 2012
Leroy, it depends on what you mean by bad credit.

For the record, with some lenders you can get FHA financing with a 580 credit score with 3.5% down and Conventional financing with a 640 credit score and 5% down. Of course there are more variables that need to be considered but you need to sit down with a reputable licensed loan officer that can review your credit, income and assets to let you know where you stand.

If you have credit issues a good loan officer can tell you what needs to be done to get your scores up in order to pre-approve you for a loan. Take a minute to read these articles: http://www.trulia.com/blog/elliott_r_oliva/2011/07/credit_10…


What state are you in by the way?
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Kawain Payne, Agent, Seal Beach, CA
Sat Feb 18, 2012
Hello Leroy,

Buying a home with bad credit is almost impossible unless you are paying CASH.

You need to have a FICO score of at least 700 for a conventional loan, and 640 for a FHA loan.

You should go to http://www.hud.gov

You will be able to get info home buyer education and credit counseling services.

Best of luck to you.
Kawain Payne, Realtor
Web Reference:  http://WWW.HUD.GOV
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Tabitha King, Agent, San Antonio, TX
Sat Feb 18, 2012
Maybe an owner would be willing to finance you. Do you have any money to put down ?

Web Reference:  http://www.kingrealtors.com
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Cora Hagerty, Agent, san antonio, TX
Sat Feb 18, 2012
if you have some money save up for down payment i can get you into a house in a creative financing. for more information call me at 2106460261
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Leah McNamara, Agent, San Antonio, TX
Sat Feb 18, 2012

I can usually get buyers in your situation into a house now. Contact me.

Leah McNamara
Managing Broker
Best Practices Realty
(210) 745-1411
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Catherine Il…, Agent, San Antonio, TX
Sat Feb 18, 2012
You certainly make good income to buy. The answer is yes you can buy a house by working on your bad credit. This can happen fast ( within 3- 6 months) and I recommend you contact me immediately to get the ball rolling. Good rental history will help a great deal. I work with a great lender and I am confident that we can get you a house within a a short time.

Best regards
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