Buying A Home
Sembree1
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Loan with credit <600?
My credit is below 600. Is there anywhere I can look to get a loan for a home? I am slowly building my credit back up but it will take quite a while. Thanks in advance!
Re: Loan with credit <600?
A lot goes into being approved for a home loan besides your credit score. The approval process includes: employment status, length of employment, income level, debt level, the types of debts you have, the payment status on these debts, and also your credit report and FICO score.
It is hard to advise you correctly on your question because other than a low FICO score, we have no info on you. Basically, yes you can look into one. But, will you be approved? I don't have enough data to give an accurate response as to what your likelihood of approval is. Also, the more important question may be, should you buy a home at this time?
Again, I cannot give a good answer on that as readers here don't know your situation.
A great resource, which is typically recommended here, is a book called Home Buying for Dummies. It may help you find the answers you need.
If you need some advice on budgeting or for planning to buy a home - check out the Money Matters board also.
Save and wait until you are financially ready - credit score about 720, 20% downpayment, closing costs, moving costs, utility deposits, repairs/renovations, decorating/furniture/appliances as well as the misc. yard items.AND a good 6 month's expenses in hand prior to buying a home.
Yes, you can do this.
I will be hard to get a loan with that score and if you manage to do so will be at a very high interest rate -- find a cheap place to rent, cut back on current budget items, get second PT jobs, sell stuff you no longer need or use etc.
Read Dave Ramsey's Total Money Makeover
David Bach's Smart Couples Finish Rich
and Mortgages for Dummies
as well as Home Buying for Dummies
Say the homes in your area average 400k and they offer you a high interest loan for $170. You'll get a better idea of what you need to improve and how much.
Either way you'll know where you stand.