Is it impossible to buy a house with poor credit?

Question

I have a low credit score of 550, is there any hope for me buying a home. I have been turned down several times, is there anywhere i can go that will work with me?

Answer 1

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Answer 2

If there are and since you have been declined credit issues then the only way is a lease purchase or a contract for deed. Always pay by check only every month and on time. This will alow you to get your credit cleaned up and wheen having done so a 12 month chain of checks is all an underwiter will want to see as willingness to pay a mortgage and will do this as a refinance of the home.

I am a mortgage banker in TN & KY

Answer 3

yes but might pay a higher mortage  rate pay off some debts then try good luck

Answer 4

Start be determining if it was your credit score or something else that got you turned down. You could have perfect credit, but nobody is going to lend you a million dollars, zero down to buy a house if you make $25k a year. Make sure you're not trying to buy more than you can afford.

Get you credit report and see what you can fix on there (plenty of info on the net). See what can't be fixed but explained and be prepared to explain with documentation.

Answer 5

There is hope, but maybe you should clean up your credit first & pay the outstanding balances before you take out a loan for the next 30 years. Make sure that all of your payments on credit cards etc. have been on time for the past 12 months. Have they? If not, wait a year before you even consider purchasing a home.

Answer 6

I would talk with a lender.  See what the problems are and fix them.  If you have judgements, pay them off NOW.  If there are old problems that have been resolved, the lender can help and do a rapid resource.

You will need money down . . . I would put off the new b*****s . . .