What is the best way to buy a house when you have bad credit and bad job history?
I am moving out of the house I live in now and do not want to rent. I found a good fixer-upper house for $26,900. The price has dropped 3 times since I have been interested in the house. I don’t want to be stuck in renters jail again and want to own my own home. But everything in the loan world to me is soooo confusing. I want to know the best way to get a loan for this home.
Tags: Credit, Best, History, Bad Credit, House, upper houseRelated posts:
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I would save like crazy, work hard in your present job, pay your bills on time. Then next year, or the following year, when your credit rating is better, and you have a good job record, look to see what is for sale at that time.
I bought a home for about 225,000 with a credit score of 650 about 3 years ago. Now after losing that home last year to Foreclosure I cant even get a car loan due to my score being at 517. I would check your FICO score and see what it is before decided to have someone run your credit over and over to find a lender. You may be able to get a loan since your not asking for much. You might have to put some money down with high interest but seeing your FICO will help decide.
The housing market is in such bad shape now because people who can not afford homes have been given loans to purchase a home. With bad credit and a bad job history experience has said you can not afford even this cheap of a home. Although payments on a home this cheap would be cheaper than renting so its a good deal for you, your work history and credit history make this a bad deal for any lender. If you could find someone to lend you the money the interest rate would be so high that it would become a bad deal for you. Concentrate on getting and keeping a job and gradually building up a good credit history. Then when you have demonstrated you can reliably make the payments try again.
Have you tried your local bank? If you don’t have a good job record that will make it harder to get a loan.
i agree with the previous posters. with bad credit and a poor job history the chances of getting approved for a home loan during the ‘credit crunch’ is going to be difficult or impossible.
unfortunately, the situation you describe is someone who should NEVER be approved for a home loan, and yet for years they were….
fast forward to the present: these people have lost their homes and made the value of my home go backwards…if you can’t pay your bills on time and don’t keep a steady job for more than a few months at a time…why would a bank want to buy you a home, even a run down cheap one, that you wouldn’t be able to pay for long term and wouldn’t have the money to fix up?
giving home loans to people with bad credit is how we got in this mess in the first place.
you can stick it out renting for a year or two, while you fix your credit.
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