Home Buying in 92570>Question Details

Renejr3466, Renter in Perris, CA

i want to buy a home but i have poor credit can i still qualify

Asked by Renejr3466, Perris, CA Thu Dec 6, 2012

Help the community by answering this question:


You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender like, The Lenders Network. If anyone can find you a loan they can!
2 votes Thank Flag Link Fri Aug 7, 2015
I've seen various versions of this question in Trulia almost every day. It find it stunning that most people would rather post a question on a website to a Realtor they don't know...instead of finding a lender, sitting down, and going through the process. That is the only way you are going to know what your mortgage options are.

The other point I'd like to make is this....If you have poor credit, fixing that should be your top priority. Only by having good credit will you be able to take advantage of the low rates currently available.

Poor credit usually comes from not paying other debts, having unpaid credit card balances, an erratic history of paying off debts, etc. You might not appreciate this, but you'd be wise to pay off these back debts first before incurring something as large as a mortgage.

All the best.
0 votes Thank Flag Link Fri Dec 7, 2012
Owner Will Carry is for you. Usually 20% down and 6% for 20 or 30 years.
0 votes Thank Flag Link Fri Dec 7, 2012
contact Citywide home loans. They specialize in helping folks in your situation
0 votes Thank Flag Link Thu Dec 6, 2012
Dear Rene Jr,
You may be able to get a loan with a low credit score with in reason say 640 for FHA loan; however other factors must be looked at (income,debt, credit worthiness,your lender will discuss these matters with you). But if your score is very poor, you should not set yourself up for failure. Should you go to a lender and find that you are not able to get a loan at this time, ask what stopped you and start working on that. Also ask your lender for a credible debt counseling agency. Put yourself in the most favorable light and get what you deserve and want. Don't settle for less!
Thanks for question and take care!

Doris J. Bailey, GRI, AHWD, Broker
0 votes Thank Flag Link Thu Dec 6, 2012
How poor is your credit? I have known people to file BK and still qualify for a loan after their discharge.
0 votes Thank Flag Link Thu Dec 6, 2012
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