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Are you in the US? I don't know if it makes a difference what country you are in, but I only know how we bought a house 3 months ago, and Im in the US...
There are two ways that I know of that you can buy a house with a low credit score. My credit was fairly low and my husbands was OK. We ended up getting an FHA loan. These used to be really rough, because they had a lot of rigorous inspections involved with them, but they don't any longer. They don't weigh your credit score. We were able to get a 30 year fixed FHA loan at 6.25% which was by far the lowest rate at the time. There is also the option to scout out a mortgage lender that offers manual underwriting. This will allow them to look at things such as rent and utility bills rather than credit scores to determine your acceptance. That is all I know about this. I suggest the FHA, it was simple and hassel-free for us. We have owned our home since Nov. Hope it helped. |
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My advice would be for you to get your report from all three bureaus, and fix it. Pay off open collections and charge offs, dispute inaccurate information, and pay ALL obligations on time including utilities, cell phones etc. Those can be used as "Alternative Credit" (esp for FHA). The following is how FHA views credit:... "examine the overall pattern of credit behavior, rather than isolated occurances of unsatisfactory or slow payment. a period of financial difficulty in the past does not necessarily make the risk unacceptable if the borrower has maintained a good payment record for a considerable time period since the difficulty (usually about one year). When delinquent accounts are revealed, the lender must document their analysis as to whether the late payments were based on DISREGARD FOR FINANCIAL OBLIGATIONS (considering your good income, that might apply to you), an inability to manage debt, or factors beyond the control of the borrower" ( illness, job loss, medical bills)... You might be able to get a "Sub-Prime" Conventional loan, but it will be ugly. Also with so many sub-prime loans going bad, the rules have been tightened. Take the time to do it right.
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