What are the best options for someone with poor credit who wishes to purchase property (coop, condo, single family, etc)?

Asked by Ms Williams, Yonkers, NY Sat Jan 12, 2013

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Ms Williams, Home Buyer, Yonkers, NY
Tue Jan 15, 2013
Thank you everyone for your replies. I appreciate all the feedback.
2 votes
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Flag Fri Jan 18, 2013
Joe Brothers, Agent, Cypress, TX
Sat Jan 12, 2013
Start with a credit restore company they can help bring your scores up. Pay off bills pull the credit report see who is reporting what..

Be cautious of the owner finance no apprasial and can sell for more than retail.

If its a condo go buy one at the court house for cash will need a few $$.

Continue to rent and save while paying bills on time.
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sat Jan 12, 2013
The best thing you can do is to meet face-to-face with a Loan Officer and let them tell you what you must do to improve your credit. I meet with buyers all the time and tell them exactly step by step, what they must do to get their credit to where it would approve for a home loan. As long as the buyer follows the plan, it always works out for them.

Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
1 vote
Claudia Will…, Agent, New York, NY
Tue Jan 15, 2013
It is not impossible to purchase a property with poor credit. One option is to have a strong co-borrower, with strong income and employment history. In addition, if there are unresolved issues on your credit report, now would be the time to enter into agreement to settle with creditor or payoff balances and have these satisfaction letters available to submit when aplying for a mortgage. A good mortgage broker with strong banking relationships may be able to negotiate and advocate on your behalf with the lender.
0 votes
Barb Hibnick, Agent, Long Grove, IL
Tue Jan 15, 2013
Find yourself a good Realtor that works closely with a good mortgage lender. There are so many specialty programs available in some areas that it takes an agent and lender really on the ball to figure out if one of them will work for you. Also remember that some of the lenders are tightening up on their requirements so go sooner rather than later.

I agree with one of the earlier answers that meeting with a lender can also help you figure out what needs to be done to make yourself more desirable for a loan in the future. You might find that to be more advantageous to you than purchasing now with a potentially higher interest rate due to lower credit scores.

Good luck to you!
0 votes
Dream Home B…, Agent, New York, NY
Tue Jan 15, 2013
It really depends on your personal situation but if you are willing to put a 10-20% downpayment towards the purchase, banks that have a ginniemae license are willing to fund buyers with poor credit
0 votes
Annette Levi…, , New York, NY
Sat Jan 12, 2013
You need excellent credit to get Board approval for the purchase of a coop. To purchase a SFR or condo you need to show that you know how to pay your monthly bills.
If your FICO is below 640, you should make an appointment with the credit counselor at your local Neighborhood Housing Group. The credit counselor will go over your credit report with you. They will tell you what you are doing wrong and how to fix it. They will also help you set up a budget.
If your FICO is 640+ then you can consult with a mortgage officer who will tell you if you have to do something to improve your credit.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Jan 12, 2013
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Since there are other factors besides credit that determine mortgage qualification for a personalized answer visit with any licensed loan officer. When purchasing co-ops be aware that boards do have their own financial requirements that must be must, and each is different.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Jan 12, 2013
Meet with a local and trusted loan officer who can prequailify you at no cost after theylook at your credit and finacials and tell you what your options are. The worst teh credit, the more you may need down. Only a loan officer though will have the answers.
0 votes
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