Low credit score! But I want to buy a house?
My credit score is less than 580. I am in the military, and once while deployed I was a fraud victim ... and on top of that, I was real foolish with my credit while in college. Now, I am all grown up with a child, and I'm tired of renting! I need help. I have been turned down before, what should I do? Is there anyway I could get a home loan?
Public Comments
- how many times are you gonna post this? If you are gorwn up now and on your feet, then your credit should improve every month. NEVER buy a house if you are not in a financial position to do so. Save up a huge downpayment and continue to build your credit by paying your bills on time every single month. Pay off all your debt before you take the plunge, and you should be in a very good position to buy a home. It may take a few years though.
- Check with a lender that offers VA loans. You don't have to have stellar credit and it is a 100% loan. If you are in the Navy, go with the Navy Federal Credit Union, http://www.navyfcu.org .
- Yes, talk to a lender offering VA loans.
- the VA loans are a good start and also lenders that specialize in lower credit scores. There are also a ton of ways to buy a home without a big down payment or even using your own credit. you just need some coaching and guidance. if you can afford rent, you can afford a home, depending on your market's price range. It is never a bad time to buy a home, if you are smart about the metrics (numbers of the deal), and don't become 'house poor' due to buying to your limit. research bit more, and learn ...
- I am a Mortgage Banker, I would like to help you achieve home ownership. My email is atorney@greatoaklending.com. I have many programs that you may be able to qualify for.
- Have you ever applied for a VA loan? They are more forgiving with credit problems. These programs also allow 100% financing with no PMI and the seller can pay all the closing costs. I recently helped a couple obtain a VA loan that had a score similar to yours and some past credit problems. They did have to pay off some of the past delinquency but we were able to get them 100% financing at a low rate. Contact me for further info on VA requirements.
