lady_angel_y…, Other/Just Looking in Eau Claire, WI

Mid 500's credit score couple.

Asked by lady_angel_yang, Eau Claire, WI Sun Mar 23, 2014

With my husband and my score at mid 500's, is there still a way to get approve for a home? I feel like all the money im using to rent is going to waste. Any advice is greatly appreciated.

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Patrick Vand…, , Milwaukee, WI
Tue Mar 25, 2014
Consider working with an agent who knows about land contracts. You will need some skin in the game, like a down payment, but some sellers may be willing to offer a land contract and provide you terms that would allow you to refinance in the future once your credit score improves. There is more than one way to skin a "potato.....". Now that's PC. Good Luck Patrick
0 votes
Bruce Weegman, Agent, Eau Claire, WI
Mon Mar 24, 2014
Find a lender who will take the time to sit down with you and educate you about credit repair. Plan on at least a year of hard work before looking at homes.
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Dan Tabit, Agent, Issaquah, WA
Sun Mar 23, 2014
Please, take some time and fix your credit. I agree that renting can be a waste, but buying when you have limited if any choices puts you in a weak position. Scores can be raised if you pay your bills on time, reduce your balances to 1/3 or less of credit limits. Do not close any accounts or open any other accounts. Do not pay off old collections.
Some lenders will assist you with credit repair. Take the time and energy to resolve this and you'll be better off in the long run.
0 votes
Sam Hantosh, Agent, Dearborn, MI
Sun Mar 23, 2014
Unfortunately at this time, the lowest credit score that can get approved for financing is a 620 and 20% down payment.
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klondi2011, , Westcliffe, CO
Sun Mar 23, 2014
most lenders look for a score of at least 6 30 you might want to look at rent to own or owner finance properties.
0 votes
Rent to own is a terrible idea for the renters. Don't recommend this, they rarely work.
Flag Sun Mar 23, 2014
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