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  1. #1
    Senior Member
    Join Date
    Dec 2004
    Location
    Purgatory, Ohio
    Posts
    143

    Buying a home with TERRIBLE credit....

    And I mean terrible. It's a long story that involves surgery, illness, and a junkie ex who was not surprisingly a master con man/ thief.

    I've heard that it isn't as hard as you would think to purchase a home for anyone. Sometimes even easier for people with poor credit.

    I was wondering if anyone knows anything about this?

    What about land contracts, renting to own?

    We fell in love with a house today and I've already made it my own.

    I have the employment history and a good income. Not the credit. :(

    Help.....

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  3. #2
    Senior Member
    Join Date
    Jul 2004
    Location
    New York City
    Posts
    236
    Go to the Craigslist forums under 'Housing.' If you do a search you'll see that topic comes up a lot. Good luck.

  4. #3
    Junior Member
    Join Date
    Jul 2004
    Location
    Tacoma, Wa
    Posts
    13
    Try talking with a home lender and maybe they can work something out for you. Plus, first time home buyers can get all sorts of help. Some cities have programs that offer low interest loans if you are buying a home in the "less than desirable" neighborhoods. You might try contacting the Fanny May foundation as well.....I think they offer help to people with not so great credit. We got our first house two years ago and our credit was way less than stellar! Good luck!

  5. #4
    Senior Member
    Join Date
    Apr 2004
    Location
    appalachia
    Posts
    285
    bad credit homeowners here.

    does your SO have bad credit, too? we decided that, since my husband's bad credit was better than my bad credit, he would be the buyer. then we spent a lot of time fixing a surprising number of errors on his credit report. we also decided to go the route of having a friend co-sign our loan while we build better credit, and after a year, we will essentially buy it from him with a better interest rate.

  6. #5
    Senior Member
    Join Date
    Dec 2004
    Location
    Purgatory, Ohio
    Posts
    143
    Thank you for your help!

  7. #6
    Junior Member
    Join Date
    May 2004
    Location
    Houston, TX
    Posts
    7
    It was surprisingly easy for my husband & I to get our house with our crappy credit (and we were making less money at the time)... we found our mortgage co on lendingtree.com & were pretty much set with the financing from then on... our mortgage broker got us a first time home buyers grant through neighborhood gold (almost $9000) that covered all of our closing costs PLUS put some money into the house. When we went to close, we had to write a check for less than $120 and THAT WAS IT.

    I NEVER thought I'd be able to buy a house when I was 21! (But, then again, I never thought I'd get married then either!)

  8. #7
    Member
    Join Date
    Jan 2005
    Location
    Encinitas, CA
    Posts
    53
    Stinkerbelle,
    I was in the same situation 7 years ago..bad score,outstanding credit,car debts..etc.... I used a family member who is a realtor and she hooked us up with our lender (lot's of loopholes) and we had ourselves a house! I had buyer's remorse after 2 months of figuring out what was wrong or needed to be worked on in the house.We struggled for a few years, But I LOVE my house..it's so snap now and I made alot of equity in it, in your case look over the whole of the matter: Is it in a good location and neighborhood,near a school,have a view..weigh those against the house has no heat/AC, Needs windows,new roof,plumming,leaks or damage. Do you think it would have an increase in equity in that area?Do you see yourself there for the next 10 to 25 years? My husband's credit was crap and I did the loan on my own and got it. If you do have a SO as Honeybee said he can do it then have you put on the title after a year.

  9. #8
    Senior Member
    Join Date
    Nov 2004
    Location
    phildelphia
    Posts
    365
    Hey, I'm a realtor. If you want, I'll find you an agent and a lender in your area that will do all the work for you... PM me, its simplicity!

  10. #9
    Senior Member
    Join Date
    Apr 2004
    Location
    appalachia
    Posts
    285
    keep us updated...i never ever thought it would possible to own a home, but i was wrong!
    also, there are a few people here and/or on glitter who work in the business, as kissmyknitz said- i think someone works for a mortgage company, too, which might be helpful when you make it to that stage. there are a lot of little details that i wish i had been better prepared for and that can potentially save big bucks.

  11. #10
    Senior Member
    Join Date
    Dec 2004
    Location
    Purgatory, Ohio
    Posts
    143
    I will definately be keeping everyone posted. We go look at another house today that the people seem desperate to sell. It's accross the street from us and adorable. It's been for sale by owner for a year.... it's a huge victorian for 90,000. I so badly want a home :( I hope it works out. There is a big sign in the window that says $600 a month and zero down. Sounds like a land contract maybe.


 
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