Bad Credit-Home Loan?


I have a 495 credit score and just had a recent divorce and still living with my husband. I am staying with him to save money however I want to get my own home and its seems not to be possible because of my credit score. I have collections and some recent one’s too. Are there any lenders out there that would be able to help me? I know this is alot but I am in the process of working on repairing my credit by paying car and credit card bills on time and no new open accounts. I want to buy a foreclosure and they have really good deals in Michigan the area that I am in. I know there will be high fees associated with a credit score like mines. That is not such a big deal if I get a good deal on a home and I have an action plan for my credit and would refinance in a year or so. Only serious inquires please and any advice on this type of situation. Thanks!

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One Comment

  1. bdancer222 says:

    There is absolutely no way you are going to qualify for any home mortgage, expecially in the current housing marketing. Have you not heard the news that many sub-prime mortgage companies have gone bankrupt?

    Your only hope is to clean up your credit. You should check this site: http://www.nfcc.org/ . This is Consumer Credit Counseling Services (CCCS), a legit non-profit company that offers free credit counseling. They also have a debt management program available, if you qualify, at no fee.

    It’s going to be 2 or 3 years after you clean up all those negatives before you can even consider buying a house.

  2. spiritwalker says:

    unfortunately not, My friend is in the lending business his company works with the lowest score possible, and that’s 520. Anyone saying they will really check them out hard. through the BBB, Housing Authories, and the Attorney Generals office.
    You need to get your credit back on track, it’ll take 6 months to a year to do that, with constant payments.

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