Is there anyway to buy a home with bad credit?

Asked by Krystal, Dallas, TX Wed Apr 8, 2009

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6
Patterson Ra…, , Austin, TX
Wed Apr 8, 2009
Krystal,

Here are the conditions from the lender that allows a FICO score of 530:

FHA Loans with ZERO Move-In Financing, along with a $8,000 Tax Credit

~FHA Loans from 530 FICO Score~

These programs are also combined with a $8,000 Tax Credit for any of your Buyers that have not owned a home in the Past 3 Years.

Borrowers can finance a home loan up to $271,000. We have FHA Investors that will work with Borrowers with No Minimum Score if the following conditions can be met:

1. Borrower must be able to verify Income and Job History
2. The Borrower can have collections and charge-offs, if the actual date of occurrence is over One Year old (preferably Two Years)
3. Borrower must be able to verify good Rental History for at least 12 months
4. The Borrower must have at least 3 Trade-Lines that have a good pay history for the last 12 months, minimum. Alternate credit or trade-lines can be used.
5. No Reserves are required, but as always, they are helpful

Keep in mind that the better your credit score, the lower the risk for the lender and that usually translates into a lower interest rate. Let me know if you'd like to speak with them directly and I'll give you their contact info.

Best Regards,
Rich
rich@richpatterson.net
Web Reference:  http://www.richpatterson.net
1 vote
., , Lewisville, TX
Wed Apr 8, 2009
Krystal,

It is best to ask this of a loan officer, you may think your credit is or is not worthy of buying a home, but only they can tell you once they look at your credit report. However, there are lots of rental homes if you don't qualify now, you can certainly start working on paying off bills and establishing good credit soon and be ready to go when your credit meets standards.
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Apr 8, 2009
Krystal, I consult with many across the country regarding credit issues, use to own a credit repair company for 10 years.

It all depends on your credit scores, debt ratio, in some instances repairing credit is much easier than you can imagine I dont know all your particulars. Happy to review with you.

If your credit is that bad need increase your scores then purchase a home.

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
Web Reference:  http://www.lynn911.com
0 votes
Mary Beth Ha…, Agent, Dallas, TX
Wed Apr 8, 2009
the question really becomes how bad is bad? Has any one run your credit to see exactly what your score is? When was your last late pay on a bill. I would be glad to reccomend a mortgage lender to talk to and that will give you the direction to move forward or help you repair your credit to possible buy in the near future.
Web Reference:  http://www.dallasnative.com
0 votes
Rob Purifoy, Agent, Plano, TX
Wed Apr 8, 2009
Used to be, today 620 credit score and no late payments for a year straight, no bankruptcy in last 3 years, no NSF's on the most recent bank statement... Those are the basics. Although, depending how "bad" the credit is, we can take steps to quickly repair it for you, we do that all the time... Call me if I can help
Web Reference:  http://www.robpurifoy.info
0 votes
Patterson Ra…, , Austin, TX
Wed Apr 8, 2009
Hi Krystal,

It depends on how bad is bad. Some lenders allow FICO scores as low as 530 and others only as low as 620. There are several factors, property, loan programs, grants, FICO scores, etc.

If you'd like to email me, I can get you in touch with a couple of good lenders that I work with all the time and they can tell you what you'll be able to afford.

Best Regards,
Rich
rich@richpatterson.net
Web Reference:  http://www.richpatterson.net
0 votes
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