TJ
|
Believe me, it can be done. I really messed my credit up in college. I got tired of renting and decided I would just go to the bank and see what they could do. I was a little nervous, because I am single and really didn't think there was any way I was going to be approved. They were awesome at the bank and found a loan that I actually qualified for. I closed on my house last November! Just check around and see what different banks offer. You will never know until you try! Good luck! |
W. E
 |
There are other factors to consider, besides credit. Job time of 2 years, collections on credit report - judgements on credit report. All of these are taken in as a factor on getting a home loan. Credit can be worked on, by adding alternative credit. If you are paying regularly on a cell phone, auto insurance, rent, etc - these are called alternative credit.. All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable, with a seller second - etc the higher the credit score the better. Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - Hope this helps - There are also Government programs out there, but they too are looking for job time, etc.....They are not so much looking a credit - but the other factors are taken into consideration. With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. |
Thin Kaboudit
|
It's easier to get a home with great credit and no job, I'm afraid. But if you do have a well-paying job, maybe you can save up a big enough deposit the loan company will think twice before rejecting your application.
Meantime work on some credit-building activities. Get a pre-paid/cash-secured credit card, use it a lot and pay it off instantly every time...
Good luck! |
Donald D
 |
If your bad credit includes collections or debts that have been written off you will need to make a settlement with these companies to get you back on track. No one will give you credit with R-9's or written off debts or collections showing as outstanding. Once you get these squared away approach a financial institution showing your good job stability. If you currently deal with an institution and they know you, start there. If not, i suggest starting with a credit union as they are often more helpful getting people's credit back online than banks. You may have to start with a secured loan (secured by vehicle or better yet cash) and pay that back on time every month for 6 months..this will bring your rating back up as long as all other debts are brought up to date. |
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
