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Talk to several banks and local credit unions. The truth is the truth. Don't be ashamed or afraid.
When my wife and I were to begin looking for a new home, the very FIRST thing we did was talk to lenders. Get preapproved. Period. If you find that you aren't getting what you want, you might need to look for seller financing. Or you might need to wait for a home purchase... You'd be amazed at what just 2-3 years of good financial behavior can get you... So don't be discouraged and don't be ashamed. Talk to lenders in your area NOW. While its true, with the recent hits on the housing markets and lenders, you might have a harder time getting financed... the truth is the truth... talk to those who will be lending and get the real answer. If it doesn't work out as you planned, go to alternative sources (seller lending) or wait until you are better positioned. |
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Yes, it is possible to buy a house. It just may prove to be very difficult!
First things first... why do you think you have bad credit? Have you looked at your credit report lately? Are there errors that need to be corrected? Are there things that you can do to increase your score soon, like paying down credit cards? Someone familiar with credit repair can probably help and guide you once you know specifically what is on the report. Be careful who you deal with though, as the credit repair industry is fast growing which always brings out some bad apples. Before you do anything though, get a copy of all three credit reports in your hands. You can get them for free from www.annualcreditreport.com if you have not used the service in the last 12 months. Otherwise, I recommend my clients just go to myFICO - FICO Credit Scores | Get a Free Credit Report Online. If you would like to speak with someone who is trusted in the credit repair arena, call 866-512-7784 or email [email protected]. He will gladly help. |
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