I have bad credit and low income can I buy a home?

Asked by: of Conroe, TX on 2014-04-07T17:00:28Z

Best Answer:

Hi Lillian I suggest contacting a mortgage broker in your area. A broker represents different lenders and types of loans and will be able to tell you if you qualify for a loan. There are many different types of mortgages available. Sometimes a seller who owns a property outright will hold a mortgage for the buyer. So instead of paying a bank you pay the seller monthly payments. Another option might be a lease with the option to buy. This could be where you lease a home and a portion of your payment goes towards the down payment and future purchase while you are repairing your credit. A Realtor can help you with this.

2014-06-18T14:44:15Z

HIYou really need at least a 640 credit score. You can get a loan with less score if you have a large amount of money to put down. 20 or more. They will also look at your debt to income ratio. If you are wanting to buy a home sometime in the near future I would suggest getting with a good lender that can help you set goals and give you pointers on getting your score up. Please stay away from marketed Credit Counseling and other scam type programs...they will take your money and I have rarely seen them raise anyone's score. If you want some trustworthy lenders please get back to me.

2014-04-07T20:02:38Z

I think I just posted this but it is not showing up....You need at least a 640 credit score to get financing. You can get it with less but typically need a large down payment 20 or more. If you are wanting to buy a home and building your own personal wealth instead of your landlords get with a reputable lender not a large bank and they can help you set up a plan to reach your goals. I have several that I would recommend. Stay away from advertised credit counseling and repair services. I have seen them take advantage of more people than I can count and they don't seem to get scores any higher but take take and take more money from their so called clients. If you would like a referral to someone you can trust let me know.

2014-04-07T20:06:15Z

First time home Buyers have programs that can go lower as a 620 Fico score for you to qualified as a contrary of my fellow Agents I believe in companies who fix the credit but of course not all are out there reliable You can contact me directly to provide you the information and may be will take 6 to 8 months for you to be ready in your Fico but it is possible . I refer couple of my clients and they was able to buy after. Income wise we can do much but there is city down payment assistant programs that may be can help you to buy you first home.

2014-04-07T20:53:59Z

It is best for you to contact several lenders to discuss your credit score and they will help you get started on what you will need to qualify and what steps you should take to improve your score.

2014-04-08T13:45:50Z

If you have bad credit the first thing you need to do is work on improving your credit. Working with a credit repair company can help you or you can try to improve it on your own. Start by contacting the creditors and negotiate a payoff amount or see if they can lower your interest rate so you can pay it sooner. If there are items on your credit report that are old sometimes it can be removed.

2014-06-18T03:32:03Z

Hi Lillian I suggest contacting a mortgage broker in your area. A broker represents different lenders and types of loans and will be able to tell you if you qualify for a loan. There are many different types of mortgages available. Sometimes a seller who owns a property outright will hold a mortgage for the buyer. So instead of paying a bank you pay the seller monthly payments. Another option might be a lease with the option to buy. This could be where you lease a home and a portion of your payment goes towards the down payment and future purchase while you are repairing your credit. A Realtor can help you with this.

2014-06-18T14:44:15Z

Lillian You need to contact a GOOD mortgage broker they work with many different lending products and programs both private and governmental and are experts at matching buyers with lenders. If you can not qualify at this time for a loan they will get you the quickest path to credit repair Click the Local Pros link above or call me and we'll get you connected with a reputable lender to get the facts and get on the road to home ownership Best regards Jenn Smith

2014-06-18T21:00:09Z

I have o down credit score is 615 SS disability and pt employment gross 1400/mo with 120 in debts. Looking for 3/2 on 2-5 acres to be primary residence. Tried USDA RD and did not pre-qual. Can I get a home loan. I have disputes on my credit that should clear shortly within 60 days.

2014-06-18T21:00:56Z

HI LillianPlease contact a good mortgage broker who can help you with repairing your credit. It may take a few months but at least you will have someone guiding you thru the process.

2014-06-19T21:37:16Z

My credit score was 560. I took my report to Vicki she is a realtor from our church. She put me in contact with Greg Bennet who works for a My Credit Pi. It took 2 months but my score went to 680. I just opened a secured credit card account and am waiting till the first of the year to apply for my first mortgage.

2014-12-15T21:31:04Z

I have a low credit score and low income but I would love to buy a home. Are there any programs for me

2015-01-02T18:14:38Z

hi i have bad credit and my income is low can i buy a home

2015-03-22T23:53:29Z

Kingsley Rose Im a Realtor and i send my clients to Aubrey Kloss at National Credit Care His team has helped many of my clients with credit issues. Please give them a call at 866-595-6313. He you let them know I sent you they will give you a discountShanna Johnson

2015-03-23T23:52:54Z

Hi me and my husband is trying to buy a home and we have very low income

2015-06-28T23:37:00Z