can you try to buy a house with 500 credit?

Asked by Latonya Woods, Fri Oct 19, 2007

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Debt Free Da…, , 85260
Wed Nov 14, 2007
If you have 30% to put down you may be able to find something.
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Richard M. J…, , Sherman Oaks, CA
Sun Oct 21, 2007
Hi Latonya, yes if your paying 100% cash.
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Pam Winterba…, Agent, Danville, VA
Sat Oct 20, 2007
You will have better options with a higher credit score. You may talk with you mortgage broker about a FHA loan.
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Dena Parker…, , Tennessee
Fri Oct 19, 2007
I believe you posted this question twice, but as I said in my other post, even if a lender says you could get a loan - DON'T DO IT NOW. Wait until your credit score improves considerably and you have quite a bit to put down on a loan. Otherwise, you're at greater risk and will pay way too much for the house when interest is calculated.
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Ken Herrera…, Agent, Las Vegas, NV
Fri Oct 19, 2007
Hello Latonya,

Yes, it is possible you can buy a home with a credit score that low. (It may not be an easy task) There are a few programs that out there that are just income based and not credit based. You should try and begin some type of credit repair if at all possible, the better your credit score, the cheaper it is to borrow money. I would advise speaking to no less than 2 Mortgage Agents whom may be able to point you in the right direction.

Good Luck,
Ken Herrera
Century 21 Infinity
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