Forgotten Your Password?

Need to Register?

Question Icon

As a person with bad credit would I be able to get a foreclosure home?

by bonnie.Washington503 from , District Of Columbia. Sep 29th 2014 Reply


Dan Paladin (dpaladin)
#0 ranked lender in California - 414 contributions

As not really knowing what "bad" is....let me just say that conventional loans require a min 620 fico and FHA loans for the most part can be secured with a fico score of 580. Most lenders are 600 or higher for FHA and a few do allow lower than 580. Then you must meet the remaining guidelines, income, Debt ratios and the property would have be "loanable" meaning no health and safety issues. Many foreclosures are in need of repair due to deferred maintenance. Hope this helps...

Sep 29th 2014
0
0
Colby Neal (FHAHomeLoanGuarantee)
#0 ranked lender in Arizona - 34 contributions

If you have bad credit you will not be able to get pre-approved. I recommend credit repair until your scores are at a 620 or higher.

Sep 29th 2014
0
0
Joe Metzler (JoeMetzler)
#0 ranked lender in Minnesota - 3,439 contributions

The type of home you purchase, has little to do with getting a loan, assuming the house is in OK condition. Your personal situation is the big ticket, and having bad credit means you are not likely to get a loan. Of course I have no idea what your personal credit looks like, but when most clients say bad, it usually turns out to be bad enough that you get denied.

Sep 29th 2014
0
0
Christina Hayes (CreditRepairExpert)
#0 ranked lender in Tennessee - 68 contributions

Credit scores are essential in obtaining a home loan. Anything under a 620 isn't "loan ready". Regardless of the condition of the home you are trying to purchase. I offer credit restoration. Good Luck.

Feb 20th 2015
0
0
Subscribe to our news feed.