how can i buy a $100,000 home with a 502 credit score?

Tats
Home Buyer
Las Vegas, NV

Answers (5)
First to answer: Rj Avery
Jeff McCart
Agent
Dallas, TX

with the right Down Payment you can get the money, Is the home for you to live in are is an Investment that you plan to sale right away?

Call me and we can talk about how to get funding!!

Wed Aug 12 2009, 13:29
Victor Kaminski
Broker
Edison, NJ

The only people lending money to people with scores below 580 (which is low) are loan sharks (BEWARE!)

Just because you have a low credit score doesn't mean you can qualify for a loan on a cheaper home.

I would advise you NOT to buy a home but spend more time and money getting your credit repaired and paying down some of your debts and get a system in place that would allow you to pay your bill on time.

A 502 credit score is very low and indicates serious red flags to any reputable lender.

Call these people, I worked with them before to help clients repair their credit and fairly quickly all things considered. They can help remove derogatory remarks on all reports if unjustified or if the places reporting negatively on your report cannot prove its justification and thus raising your score by removing negative remarks.

You need to be PRO active in repairing your credit and taking care of it like a delicate baby.

Better Qualified Credit Repair
1-888-533-8138

Thu Jun 25 2009, 18:53
Peter Testa
Agent
Danbury, CT

Just because you can doesn't mean you should. Most reputable lenders want to see a score in the hi 6's. You should work on repairing your credit before purchasing a home with a mortgage.

Tue Jun 16 2009, 21:16
Jackie Rankin
Agent
Fort Worth, TX

Well, I wish I had better news for you but RJ hit the nail on the head! Cash it is, or be prepared to pay a high interest rate if you can get qualified. Give RJ a call and see if one of his lenders can help you out! Good luck, I hope it works out for you!


Jackie

Tue Jun 16 2009, 13:33
Rj Avery
Agent
75126
FIRST ANSWER

Cash and there are hard money lenders that charge large interest rate. I have a lender that can go down to 530 with some other things being in line. Give me a call directly @ 214-682-0598 to discuss more options or to get the ball rolling

RJ

Tue Jun 16 2009, 13:06

Didn’t find what you were looking for? Ask a question!

Search Advice & Opinions

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 205
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback