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LuckyMe
LIF Infant
Member since 5/05 205 total posts
Name:
Antoinette
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Is there a way to buy a home with not so good credit or bad credit?
Where do you begin? The way things look we are never going to be able to afford a down payment on a house. DH doesnt have horrible credit but I do from when I was younger. I've paid off a car loan and keep my bills now up to date but all that stuff from when I was younger I just cant get rid of. DH didnt have much and has been paying it off when settlement offers come in and we have the extra money. Any suggestions would be greatly appreciated?
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Posted 10/6/05 12:29 PM  |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Is there a way to buy a home with not so good credit or bad credit?
Some banks may approve you even if you have bad credit. But expect to pay some sort of an interest rate premium.
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| Posted 10/6/05 12:50 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Is there a way to buy a home with not so good credit or bad credit?
Have you tried writing the credit reporting bureaus? By law, the burden of proof is on the creditors to prove you had late payments, did not pay, or anything else negative. The creditors have 30 days to dispute any info that you send in a letter to the bureaus. This can raise your FICO score. Get the Young, Fab, and Broke book by Suze Orman. Suze also has a book on raising your FICO score, getting out of debt, etc. I hope this helps.
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| Posted 10/6/05 2:14 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Is there a way to buy a home with not so good credit or bad credit?
Check out creditboards.com. read the stickys on all the chat boards. You can fix a lot of this yourself. First step is to get a credit report from all three bureaus. freeannualcreditreport.com
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| Posted 10/6/05 5:32 PM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: Is there a way to buy a home with not so good credit or bad credit?
do you and DH still owe money?? depending on how much you two still owe, you might not be able to get a loan, because the bank has to look at your income:debt ratio to see if you can afford the mortgage. If you don't owe anymore money, I am pretty sure you'll find many lenders that's willing to loan you a mortgage but with a hefty interest rate, if your credit isn't so good.
Definetely get a copy of your credit report to make sure everything on it is correct.
.. and I've known people bought with 0 down, with that said the bank has to make sure you are able to pay the mortgage for them to lend you that much $
Good luck!! 
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| Posted 10/6/05 7:17 PM |
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LuckyMe
LIF Infant
Member since 5/05 205 total posts
Name:
Antoinette
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Re: Is there a way to buy a home with not so good credit or bad credit?
thanks for all the suggestions ladies. I have written in the past to the credit agencies and was told that as long as other agencies buy out the debt that it's still active so even though most of it was from when I was 19-21 yrs. old, which was over 12yrs. ago that it doesnt matter they dont have to remove it from my credit. I've been thinking of just filing bankruptcy because even though it's from sooo long ago and I do keep my bills up to date now and have pd. the car loan off I just cant get away from being a nieve(sp)kid. DH only has about 4 more bills to be paid off and it's not that much really. I mean I cant even rent an apartment because of the bad credit from when I was a kid. Very frustrating.
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| Posted 10/6/05 11:58 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Is there a way to buy a home with not so good credit or bad credit?
Posted by LuckyMe
I've been thinking of just filing bankruptcy
That won't work in this situation. The bankruptcy laws changed this month... they make you go through credit counciling. Its really an impossible task to file bankruptcy now a days without getting screwed.
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| Posted 10/7/05 10:08 AM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: Is there a way to buy a home with not so good credit or bad credit?
Posted by DjPiLL
Posted by LuckyMe
I've been thinking of just filing bankruptcy
That won't work in this situation. The bankruptcy laws changed this month... they make you go through credit counciling. Its really an impossible task to file bankruptcy now a days without getting screwed.
wouldn't lenders be more wary to loan money to people who filed for bankruptcy than those that just have bad credit??
I would never file for bankruptcy, there is always a way! 
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| Posted 10/7/05 1:58 PM |
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