Poor Credit Finance

Posted by admin on October 25th, 2008 at 12:00am

Question:
Is there a method to poor credit finance for a home?
I’d like to purchase a home with a big property, but I do have bad credit. It will be my first house. How can I get over my poor credit history and finance the house that I want?

Answers:
Just recently rules have changed so much that purchasing a home is going back to the method of underwriting with fha loans, or money to put down and decent credit score of 680 or higher. I concur with the first person, obtain your credit report now and start focusing on your trade lines to make your credit history well established. Do not close any of your accounts, keep payments up to date and open, try to create new accounts to build new and decent history. It’s a good thing for you to start working on your credit prior to you finding the home that you want. Cooperate with a loan officer that can and will work with you and your credit to bring you back on the right track. Best of luck!

There are a few loan programs out there for poor credit finance that are not necessarily credit score driven. However, they do have credit qualifications. The best suggestion would be to pay all bills on time for two consecutive years, no collections or tardy payments and so on. Also then check into a “my community” loan (area has to be qualified and so would you) as well as FHA.
Obtain a copy of your credit report immediately and correct any things wrong and possibly settle some of the collection items that are able to be settled. This can halt the collection process. Go to the annual credit report website.
Hope this assists you. Good Luck

Search for a less costly property, live there for several years and be sure you make every mortgage payment on schedule. Then check if you can get poor credit finance for the home that you want.

Under Poor Credit Questions