can i buy a foreclosed home with poor credit?

Asked by: of Houston, TX on 2011-10-11T01:42:04Z

Yes as long as you can meet the offer the seller is asking.

2011-10-11T02:18:18Z

In today's world it is difficult to buy any home with poor credit. Typically you need to have a credit score of 620 or better. The best thing to do is get a copy of your credit history and start working on paying off those things from the past pay all you bills on time. Also you need to have at least two credit lines that are at least a year old. You can do this yourself. Good luck.

2011-10-11T07:52:47Z

Depends on who foreclosed. Possibly the bank that owns the note might work with you. Also depends on how bad is your credit. You would likely need to put some money down say 5 but if you had that...you could get a mortgage.

2011-10-11T15:38:38Z

It's possible. But it will for sure be a little tough. It is all depend on the owner of the properties.

2011-10-11T19:29:17Z

YES YOU CAN BUY A HOME WITH POOR CREDIT

2011-10-11T19:35:56Z

If you don't have cash to buy the home then you may have a tough time. It just depends on your specific situation. Most foreclosure listings require you to be pre-qualified for a loan with the lender of the sellers choosing before you can even submit an offer. Even with cash you have to submit a statement showing proof of funds. So if your credit is really that poor then you need to work with a credit repair agency or perhaps a good loan officer and get your score raised.

2011-10-11T04:51:15Z

Do you have cash Poor Credit How bad is poor credit

2011-10-15T16:28:14Z

If you are planning to pay cash for a foreclosure then poor credit will not be an issue. However if you need to obtain financing your credit score needs to be at least 620 which equates to fair/good credit.

2011-10-12T19:27:27Z