Do u have to have good credit to buy a home?

Question

me and my husband have bad credit from yrs ago.we want to buy a house.we have 3 kids and we're sick of renting.is it possible for us to get a house?

Answer 1

It may be difficult and your interest rate may be higher than if you had a good score. Nevertheless, check out the Citibank site http://www.citibank.com.sg/ and look for what offers and schemes they have in case you apply for loan through them. Also, you need to make a trade off if the payouts you make are more and it eats into the family expenses to such an extent that you need to scrooge everyday. Although a house is definitely a good investment in the long run in case your earning per month also increases substantially in the coming years then it will not pinch to get a little financially tight for a year or two.

Best of luck

Answer 2

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Answer 3

Find a good lender use an FHA insured loan. You will need letters of explaination for deroggs on your credit. If you have recent hits it may be harder, but at least give it a shot. You have nothing to lose and everything to gain. If you get turned down try at least 3 other lenders. Get a copy of your credit report from the first one so the next 2 can see your credit without affecting your score. If they can do the loan they will need to check it again anyway. John W Realtor CA

Answer 4

Sort of...it might have been much easier a couple of years ago.  You would have your choice of loans.  Now the banks are getting real picky.  Also, if you have bad credit, you may be able to buy, but your interest rate will be high.

Answer 5

Not if your paying cash :)

Without knowing your income levels, debt and down payment, a person could only guess that you likely should focus on cleaning up your credit while house shopping and check with a lender.

Good luck on the house shopping!   Some good deals are out there in many areas.   Tighter loans though, so work your credit too.

- LL

Answer 6

it's not impossible but the best place to start is with your credit, make sure what is reported is correct and challenge anything that is wrong.  freecredit.com has a easily read report but is hard to cancel. don't challenger old things, it just revives them if you can't prove it.

Answer 7

Its harder now than a few years ago. Call a loan officer. Dont be embarassed they deny people all the time. They will tell you what you can do to improve your situation.