Question: Can I buy my first home even if I have bad credit?
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Answer #1:
How bad are we talking? The chances are very unlikely, to be honest.Answer #2:
No, you won't qualify for the loan.Answer #3:
If the bad credit has been within the past two years, very highly unlikely...your score is most likely too low for a bank with the repo's, etc. and the FHA, which does not use scores, requires two years of on-time payments.You are going to have to clean up the credit, rebuild the score and make sure you pay everything on time for a while.
Answer #4:
Firstly you must knosw the rates of home after that apply for loan.Make proper planing to get home visit real estate sites and make idea for your home. propertydir.comAnswer #5:
When you have had bad credit, you were a risk, then when you have or are establishing good credit, those who you wish to deal with, will usually feel you are worth taking a risk. Because you ARE trying to establish better credit. Especially is this so when a bankruptcy has been filed, then you will suddenly receive credit cards etc. due to your just having gone thru that and you will not go thru it again for a minimum of at least seven or more years. I've gone thru it, with a lawyer, so this is the correct thing, you can believe me.Answer #6:
credit-report-free.totalh.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.Answer #7:
Do you have 2 years of tax returns from your business?What is your net profit?
They do not go on what you gross every year, they will go on what you tell the IRS you make after all your deductions.
What is your FICO score? Do you still have outstanding bills on your credit report?
The reason someone would tell you to go visit a broker or lender in person is we have NO idea what your credit report/ income / debt *really* looks like..so how would we know?
The short of it is, if you have BAD BAD credit, NO, you most likely will not get a loan. Also, there are no *grants* for first time home buyers, there is a tax credit, but not a grant if you are looking for a grant to make a downpayment with. You have to save 3.5% (FHA) to 20% to put down. Being self employed it is going to be tough getting financing. They are tougher on us.
Answer #8:
Absolutely! All you need to buy a home is to be 18, have access to a working pen, and CASH MONEY. Bad credit has nothing to do with it if you are buying a home outright.Now, if we are talking mortgages here, that's a whole other issue. If you've been paying off debt and been reliable on all your owed monies, then your credit should be improving significantly. 2 years is quite a bit of time and your credit should be reflecting healthy borrowing behavior.
This GOVERNMENT website can help you to repair your credit. Click Here If you are seriously considering buying, then it's imperative that you start taking serious steps to reparing those past mistakes.
You are ENTITLED to a free credit report from each of the 3 major credit agencies for FREE. Click Here . Scour this with a fine toothed comb. Fight EVERYTHING that is incorrect.
And start saving money for a HUGE down payment. Mortgages are much easier to come buy if you are able to put down a large chuck of change. Like 50%. 20% will likely be minimum for you, but you should also be expecting a high interest rate if your credit score is "bad bad". 598-650 is bad. 651-725 is ok. 726-830 is great.
I don't know what kind of 'grants' you are speaking of. The tax credit program is still going on. Details are here Click Here Additional information on financial help with buying a home is available here: Click Here
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