Posted on
April 2, 2009
at
2:44 pm
I was curious if you can get a home loan with bad credit? I have been wanting to get a house but my credit is not that great. I have never filled bankruptcy. I also would like to know about how much money do you need to get a home loan also? I never really looked into all that stuff but I would think someone around here might know more info about this kinda of stuff. Thanks for any responses.
Posted on
April 2, 2009
at
11:50 pm
If you are first time buyer, you can get approve with a credit score around 600 . The most imprtance is do you have a source of income. This is the time to buy a house, because the house market is low and the interest rate is low.
Posted on
April 6, 2009
at
3:42 pm
I personally think that it is better if you paid off some of your debts before getting a house because if you have poor credit than you will just have higher interest rates. So take you time getting your debts paid and getting your CS brought up and you will have better success in basically anything you buy
Posted on
April 7, 2009
at
11:12 am
Very difficult...not impossible though
Posted on
April 7, 2009
at
12:07 pm
I'm in the finance field, and I have a score of around 640 and I was pre-approved for 120,000 which was such a surprise to me...and that was by myself...not even including my husbands income. We have chosen to stay living on rent right now until we both get better jobs, but like I said it made me feel good that we can if we want to.
Posted on
April 7, 2009
at
12:22 pm
I know you can get a loan for a home on a credit score of 600. I know because I was able to get a loan with a credit score near that number. I know the more down payment you have to put on a home, the better interest rate you will get, and the bank will be much more willing to work with you, even if your credit score is on the lower end. I am paying off my debt before I think about buying another home. I know if I work hard enough, I will get my debt paid off by the estimated due date and I will be able to get the home of my dreams.
Posted on
April 7, 2009
at
2:58 pm
Why do you need a house with bad credit? First stabilize your position by any source of income then thin about this stuff.You consult with your local bank manager regarding more info.
Posted on
April 7, 2009
at
7:36 pm
its not a good idea to put some more load into your life when you are already stooping with current debts .try to save for the house before you take a loan and then EMI won't be that big
