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 - Secrets and Strategies to Increase Your Credit Score List Price:  |
DescriptionWritten by a former credit agency CEO, Inside Credit Repair Mastery you will find all the do it yourself steps to repairing and improving your credit and FICO score. Get Leverage and Negotiate your credit 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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Hidden Credit Repair Secrets: 2nd Edition Sale Price: $19.99 |
Description"This book had a lot of good things that helped me repair my credit." - Direck Chatman "The best credit repair book I have ever read." - John Davis Are you tired and frustrated of being denied credit? Are high interest rates robbing you of your hard earned income and preventing you from getting out of debt? Your low credit score may even be stopping you from getting a new job or home... |
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HTC A9192 Inspire 4G Unlocked Phone with Android OS, 3G Support, 8 MP Camera, Wi-Fi, and GPS--(Black) List Price: Sale Price: $283.99 |
DescriptionThe HTC Inspire 4G features a massive 4.3 inch Super LCD display, a 1 GHz second generation Qualcomm QSD8255 Snapdragon processor, 8MP camera with auto-focus and LED flash, 768MB/RAM 4GB/ROM, Android 2... |
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Living Well with Bad Credit: Buy a House, Start a Business, and Even Take a Vacation - No Matter How Low Your Credit Score List Price: Sale Price: $7.59 |
DescriptionIf bad credit has happened to you, there is something you can do about it Feeling broke and battered? We know the feeling—heck, everyone knows it. According to the Wall Street Journal, 110 million Americans have bad credit—almost 50% of the adult population... |
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Bad Credit Card Tunic Funny Novelty Costume Adult Standard List Price: Sale Price: $20.29 |
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