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Jeannine | "You can buy a house with a credit score of under..."
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 Q. Can we buy a house with this info and a credit score of 600? my fiance has a credit score of 600, he has been working two jobs for a while, at one job for 8 1/2 years and the other for 10. all together he makes 110,000-120,000 a year. he also has a gi bill he can use. we live in sandiego is there a chance he can buy a house with a credit of 600? thanks
"With credit that bad i doubt even the..."
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Q. Can i buy a house with a low credit score (below 600) but good income? my wife and i together make over 11,000 gross monthly income, but both have credit scores below 600. we also have good debt to income ratio with only $550 monthly car payments, and no credit card bills. can we still qualify for a home loan? never tried to get pre-approved because we are too scared to be turned down. any suggestions?
"If you have a low credit score in combination with little to no down payment..."
If you have approximately 25-40% cash on hand to put down there shouldn't be a problem. Just don't be surprised at the high/er interest rate. Poor credit affects interest rates drastically. So if you have friends that got say 5.9% rate on their mortgage and you're paying say 7.9% or more, that's why, your credit. Shop around though, you may find a decent rate.
However, if you have a low credit score in combination with little to no down payment, it's not likely you'll get approved for a loan. Good monthly income or not won't matter. So if you don't have a down payment yet, start saving.
And work on improving that credit score. Pay off any old debts, start making payments on time, etc... Your score will improve in no time.
Good luck :-)
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Q. I want to buy a house but my credit score is like 600? my grandparents have exceptional credit and are willing to co-sign. would that be possible?
"Freecreditreport.sinfree.net - try this service to boost you credit score before getting loan..."
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Q. Buying a house with credit score less than 600? we want to buy a house, but our credit isn't so hot. what are our options? i teach and i know that there are programs for first time home owners and teachers. suggestions?
"Your credit score should be better and you should be ready...."
WAIT.
REPAIR your credit. Pay all your bills on time, in full, pay down your credit card balances.
REDUCE your spending.
SAVE up for a down payment. The more your down payment, the better chance of getting a good loan at a good rate. Having 20% down means you don't have to pay PMI.
CHECK out programs for first timers and teachers while working on this. You aren't ready to be homeowners yet, but can get there if you apply yourselves. Deferred gratification. 6-12 months from now, your credit score should be better and you should be ready.
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Q. Is it better off to pay cash for a house being self employed with a low 600 credit score? my internet biz has took off and making 250k this year, but i hear that to qualify for a mortgage is increasing difficult, especially for self-employed that's always been more difficult, with my low credit rating, am i better off just save 2-3 years of money and buy the house with cash then to find a lender today?
Yes, you're right, it would be just about the only way. Besides, if you can save up and pay cash, you won't have to pay tons of interest on the mortgage, and you'll save big in the long run.
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Q. Help... looking to buy a house and need my credit score at 590 or 600? i have a student loan that just came out of forebarence and i made two payments. i believe it won't hit my score until the end of august or the end of this month. does your credit score go up when your student loan is noticed it is out of forebarence (or deferred). how much would the score jump up?? thanks
Check it out here. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.
http://credit-info.we.bs/
http://loan-house.we.bs/homeloans.html
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Q. Credit score question, i want to buy a house? my husbands credit score is 581 which is about 30 points higher than it was last year at this time. we are working really hard to get our credit score up and we really want to buy a house. is it possible to get a mortgage with this score? if it's going to be hard, how long will it take to get his score up above 600 if we are paying bills on time every month?
one thing to add...
my husband makes good money for my area, will they take that into consideration as well?
"Most lenders are will deny you if your credit score is anywhere below a 680..."
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Q. How high does my credit score have to be to buy an inexpensive house? to people who are truly knowledgeable in real estate: i live in pittsburgh, where houses go for a lot cheaper than most parts of the country. the houses i'm looking at only cost about what i make in a year (i do medical transcription and make about $35-40k/year - not an indecent salary for a single person living in pittsburgh), so it's not like i'm spending a few hundred thousand on a house. my credit score was very very low (549), but i raised it in the last 6 months to 600. now, i know it's still pretty low, so i'm wondering how much higher i need to get it in order to start looking at houses seriously. thanks for any serious answers!
"The min score requirement is 580 or higher..."
Since you are purchasing a primary residence for yourself, you can qualify for a FHA loan. The min score requirement is 580 or higher.
Other factors you should be concerned with are your debt-to-income ratios 29/41 (29 is your monthly housing debt divided by your gross income/ 41 is your total monthly debt divided by your gross income). Sometimes if your score is above 620, you are allowed a little more flexibility on your ratios), down payment 3%, and closing costs which can range from 3 to 9%.
Branch Manager
Freedom Mortgage
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Q. How to buy a house with bad credit? i have bad credit (score is low 600's). live in a town of less than 200 people (am resident deputy sheriff). so owner finance is not an option. am thinking about mobile home as they are cheaper than building any help?
sorry. just noticed i wasn't very clear. i live in texas and owner finance isn't an option because there are no houses for sale. last house for sale was 4 years ago.
"If the owner finances the house for you..."
If you have a motivated owner, owner financing is always an option.
If the owner finances the house for you, I might be interested in purchasing the mortgage from them.
But you need to make a large down payment so there is enough equity in the property to make it worthwhile to finance you.
Mobile homes are vastly overpriced. They seem cheap at first, but then you need land, buy or rent, they have to be moved to the lot and set up.
The mobile home parks have you over a barrel. You have to renew your lease, and they jack up the rent all the time. You are better off renting an apartment than getting a mobile home. The rent on the lot can rapidly increase to far more than an apartment, making them almost impossible to sell.
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