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GINA NICHOLS
4 months ago
Is it possible to have a low credit score and still buy a home? We are planning to buy a home in the next year or two. The goal is to pay off all credit cards and everything on the credit report. The only loan we will still have is a car loan 13k. Our scores are low so it will be hard to get up to high 500's or 600's. We will attempt to have 6-7k down. Household income around 70k with one payment of $400 for car loan. Is this journey possible to get a home?
Thank you!
 
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Best Expert Answer
Joe Wallace... Answered 313 more questions
4 months ago
You may find that most lenders are looking for FICO score minimums in the mid-600s. Your best bet may be to contact the FHA at their toll-free number (1-800 CALL FHA) and request a referral to a local, HUD-approved housing counselor who can help with advice on pre-purchase planning issues like these to see what can be done to make you as ready as possible for a home loan application.
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GINA NICHOLS
4 months ago
Thank you very much for the information! I will contact them and look at your blog as well. The goal is to get out of debt before obtaining a house. Thanks again!
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Betty Kerrigan
a month ago
My son in law wants to purchase 10 acres of land, which includes a 3 bedroom\2 bath mobile home. He has been at his job for 12 years, but has no credit. He'd like to put 10% down. He's 57 years old and would be a first time home buyer. Would he qualify for a FHA mortgage?
My son in law wants to purchase 10 acres of land, which includes a 3 bedroom\2 bath mobile home. He has been at his job for 12 years, but has no credit. He'd like to put 10% down. He's 57 years old and would be a first time home buyer. Would... (more)
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A Curious User
2 months ago
I’m currently living in Eau Claire Wisconsin, in a rented home. I was a home owner in Puerto Rico four years ago.

Before to starting living at Wisconsin (year 2013), I had my home in Puerto Rico on sale with the buyers with a loan approved.

As part of my relocation benefits my company was providing sales assistance to my home. But at the moment of the closing, it was discovered my home and also the entire neighborhood in where the house is located were not free of liens.

The entire story for having this liens is the following: This was a new construction project consisted of 47 homes. The contractor made an agreement to the owner of the land in where the 47 homes are located. The agreement consisted to paid the money for the land to the land owner after all the houses were constructed.

That agreement from the contractor to the land owner never was completed and the land owner decided to take legal actions to the contractor. Unfortunately for us (all the 47 home owners) the contractor declared himself in bankruptcy.

The land owner with not more choices present to the court the situation and all the homes were to public auction around the year 2010. The legal situation continuing in course, and when I was moving from Puerto Rico on 2013 the bank told us the lien was cleared out and also I had the go-ahead to sell my home. I tried to sell my home twice with two different buyers but the lien issue was never resolved.

I’m continuing working with my lawyers and continuing paying my mortgage while I was not living any more in Puerto Rico. I paid the mortgage until November 2015, by recommendation of my lawyer and also because I don’t had any other option I give-up and stop paying my mortgage since then.

Back to the present, my home was sold in a public auction on March, now on my credit reports appears the foreclosure with $0 balance.

Sorry for the long email, but what I’m looking for is to have the opportunity to buy a home here in Wisconsin. I really had a good credit before this foreclosure. Actually this is my 4th year paying rent without any late payment. Also all my accounts, like credit card, car loans Cellphone bills ect, does not have any late payment.

I have all the evidence in the world to demonstrate the lien issue I had with my home in Puerto Rico and also the two times in where I had the buyers with the loan approved but the sale was cancelled by the lien legal issue.


Again, sorry for the long email I just need some orientation to who I can call or contact in order to have the opportunity to buy a home with a FHA loan. Why FHA? Because I don’t have the enough money now for down payment. I have an expectation to buy a home next year as soon my current renting contract ends.

Thanks for attending to this

Ismael
I’m currently living in Eau Claire Wisconsin, in a rented home. I was a home owner in Puerto Rico four years ago.

Before to starting living at Wisconsin (year 2013), I had my home in Puerto Rico on sale with the buyers with a loan approved.

As... (more)
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Mercy Croft
6 months ago
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion 664 and equifax 670. I have no other credit cards or financing of any kind. The only alternative credit line I have would be my electric bill. All other bills are in my daughters name. I don't even have things like a gym membership or netflix account, so the only alternative credit line period is my electric bill. I have no debts on my credit history.

Does it sound like I can qualify, for either a FHA or USDA loan?
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion... (more)
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