If you want to buy a house, but your credit is bad you probably understand that things are not as easy as they once were. The truth is that buying a house with bad credit is very difficult in today’s market. Unless you can put a large portion of the purchase price down, your options are very limited.
You will need a 620 score!
The subprime market is gone. With it, it took the wide array of options for bad credit mortgages. The reality is that without a lot of cash, your credit has to be fairly decent to qualify for a home loan.
At one time, FHA loans had no minimum credit score. As a loan officer, I will never forget getting an FHA approval for someone who had a 502 credit score. This person did not pay anyone and the FHA gave them a loan for 97% of the purchase price of their home. Worse, they used down payment assistance and so their cash contribution was almost nothing.
In 2009, due to increasing defaults, the FHA made some serious changes. Among these was raising the minimum credit score required to a 620. Those with credit scores below this are automatically disqualified from getting an FHA loan. Since this is the best option out there for poor credit mortgages, your only option is to try to improve your credit score.
Learn How to Restore Credit
Believe it or not, the best way to improve your credit score is not to go out and hire a credit repair company. You can do this, but it is not necessary. The best thing you can do is take the time to learn everything you can about credit repair and do it yourself. There are many ebooks and online training courses out there that will teach you how to fix your own credit.
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Credit Repair Mastery - Ninja Tricks to Increase Your Credit Score List Price:  |
DescriptionWritten by a former credit agency CEO, Inside this book you will find all the do it yourself steps to repairing and improving your credit and FICO score. Get Leverage and Negotiate like the pros, take steps to boost your credit score in a matter of months and get those nasty blemishes off your public record for good! |
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Apple iPad 2 MC916LL/A Tablet (64GB, Wifi, Black) NEWEST MODEL List Price: Sale Price: $698.95 |
DescriptionApple iPad X12LL/A Tablet (64GB, Wifi, White) NEWEST MODEL |
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Bad As Me List Price: Sale Price: $7.79 |
DescriptionThroughout his career, Tom Waits has created milestone albums that serve both to refine the music that has come before, and to signal a new phase in his career: Rain Dogs and Mule Variations are both counted by fans as among these pivotal works... |
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Bad Credit Card Tunic Funny Novelty Costume Adult Standard List Price: Sale Price: $20.29 |
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Auto Sales Banner - 3' x 9' "We Finance Bad Credit" 10 oz. Vinyl Banner, with Grommets for Hanging Sale Price: $39.00 |
Description10 oz. white vinyl - 'Big Foot Banner' brand. Heavy duty, nice quality. Grommets placed every 12 inches make for easy hanging just about anywhere. Add your own message in either vinyl, paint or marker... |
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