I wanna purchase a home but my credit is not so good. How can I purchase a home? Can I still get one if I already have a down payment?

Asked by Shabrii Johnson, Tuscaloosa, AL Fri Apr 27, 2012

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8
Maria Cipoll…, Agent, Coral Springs, FL
Sun Sep 16, 2012
When you say my credit is not so good, means that you know your credit score already. Contact a few mortgage brokers to find out exactly if you qualify or not. And if you do, they can be able to give a pre-qualification letter for the amoun that you can afford. Very important to do this, before you even think to start looking for a house.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes
HomeswithGla…, Agent, Birmingham, AL
Sat Jul 7, 2012
Hi, a few questions have to be asked first, and 1 of them is, What is your credit score? Have you gotten in contact with a lender of choice to find out where you stand? If you need help with locating a lender feel free to email or call me I'm here to help!
Gladys w/Realty Executives
205-454-6471
205-758-1040
gwebb2001@gmail.com
0 votes
HomeswithGla…, Agent, Birmingham, AL
Sat Jul 7, 2012
Hi, a few questions have to be asked first, and 1 of them is, What is your credit score? Have you gotten in contact with a lender of choice to find out where you stand? If you need help with locating a lender feel free to email or call me I'm here to help!
Gladys w/Realty Executives
205-454-6471
205-758-1040
gwebb2001@gmail.com
0 votes
voices member, Home Buyer, Alabama
Sun Apr 29, 2012
There are some lenders who will work with a low credit score if you can pay more down payment. Your best option is to talk to a few lenders and see what they say. If your credit is still too low, there are programs available to help your score. Ask your lender about them.
0 votes
, ,
Sat Apr 28, 2012
Hi Shabrii,
It all depends on how "bad" your credit is. A larger down payment and reserves does help to some degree, but it alone cannot overcome credit issues. You would need to get Pre-Qualified to determine your actual options. You can submit a Pre-Qualification request online at http://www.rodneymason.com. This will allow you to know what you can do.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:  http://www.rodneymason.com
0 votes
, ,
Sat Apr 28, 2012
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. http://consumer-action.org/

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. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


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
0 votes
Heather Speed, Agent, Northport, AL
Sat Apr 28, 2012
As Ronland stated above, your first step is talking to a lender. If you be interested in speaking to a local lender to check out your options, please do not hesitate to contact me.
0 votes
Roland Vinya…, Agent, Sprakers, NY
Sat Apr 28, 2012
The more downpayment, the less risk is [perceived by a lender for someone whose credit is imperfect. So the money down is a good thing for you. A mortgage broker can best answer your concerns and tell you how much you could qualify for.
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