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Bad Credit and buying a home
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Jul1013
LIF Toddler
Member since 4/08 375 total posts
Name:
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Bad Credit and buying a home
Has anyone had bad credit, and fixed it within a year's time in order to buy a home? I'm wondering if this is possible to do within a year. I don't think ours is that bad, but it could probably use some work.....And does anyone know about any first time buyer's programs?
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Posted 4/14/08 11:26 AM  |
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DML
LIF Adolescent
Member since 5/05 567 total posts
Name:
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Re: Bad Credit and buying a home
I would talk to a mortgage person. They can pull your credit, tell you what your credit score is, tell you what you can do to get the score up, and tell you what you can qualify for...... It would be worth the phone call.
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| Posted 4/14/08 11:42 AM |
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Re: Bad Credit and buying a home
It depends how "bad" your credit is...the first step is to make sure that you are paying all of your bills on time, and trying to reduce your balances (the further your balance from the credit limit, the better).
If you have any tax liens on file, you'll want to satisfy them and ensure the credit bureaus have the correct information.
You can get a ballpark of your credit score by pulling it yourself from a website like myfico.com (there are several out there)...
ETA - I work for a mortgage broker, so FM me if you need more info. Good luck!!
Message edited 4/14/2008 2:45:55 PM.
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| Posted 4/14/08 2:45 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Bad Credit and buying a home
Posted by Jul1013
Has anyone had bad credit, and fixed it within a year's time in order to buy a home? I'm wondering if this is possible to do within a year. I don't think ours is that bad, but it could probably use some work.....And does anyone know about any first time buyer's programs?
It depends why your credit scores are bad.
If they are bad because of late payments and judgements, there is no easy way fixing this. Only time fixes this unless you can negotiate with your creditors to get these bad marks taken off (not easy).
If your scores are bad because you have a lot of debt (high credit card balances)... just pay off your credit cards and your scores will go up after your cards report their new paid off balances (usually takes about 10-15 days after your statement turns over for the credit reporting agencies to get the new information).
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| Posted 4/14/08 3:01 PM |
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