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My wife and I want to purchse a home but we have bad credit we have enough income but bad credit to be approved

by barnet_448_483 from Kansas City, Missouri. May 13th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,587 contributions

Everyone's perception of "Bad" is different, so here's the what lenders want to see.. FHA 640+, VA and conventional like 660+... there are FHA lenders that go down to as low as 500, however the guidelines are very strict, and most that apply don't qualify... also, if you go FHA with scores below 580, you will need a minimum of 10% down.. Keep in mind that other factors outside of your credit score are considered when determining your eligibility.. job, income, income type (commissions, salary, hourly, self employed), credit, (foreclosure?., BK?, Judgments?, tax liens?)... etc... you could have a 700 credit score and still not qualify if you have other issues that fall outside of the guidelines.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 13th 2013
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Kimberly Lawson (kilawson)
#55 ranked lender in Ohio - 150 contributions

I recommend you work with a credit repair service. Please don't mistake credit counseling or debt management for credit repair. I would recommend someone who does not charge for their service if they do not perform as they say as they will (providing you do your part too). Check out Credit Repair www.creditrepair760.com or any other similiar service. Once you've gone through their program you can come back here and find someone in your area to help from there. Best of luck to you, Kim Lawson Ohio Licensed Mortgage Loan Originator. My contact and licensing information is located in my profile.

May 13th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Contact a seller who offers lease-to-own, or seller financing

May 13th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

Do you know your credit scores? What is the issue? Recent bankruptcy or short-sale? Recent late payments on mortgage, rent or other debts. High balance on accounts as compared to the credit limits? Some lenders can work with lower scores as long as they are due to high loan balances.

May 13th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

You should check with a Local Licensed Mortgage professional and listen to his advice as to how best to better your credit scores.

May 13th 2013
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Bartolomeo Castelli (BartCastelli)
#32 ranked lender in Missouri - 1,056 contributions

There are many issues involved that can be repaired if the problems are not to great to handle. Give me a call as I am licensed in Missouri or visit my website www.CallTheMoneyMan.com

May 13th 2013
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Julie Colangelo (JulieColangelo)
#869 ranked lender in California - 15 contributions

How bad is bad? FHA may be an option.

May 13th 2013
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robert brown-farley (brofarops)
#14 ranked lender in Missouri - 15 contributions

I AGREE with William at Velocity. I would add that having a good co-signer standing by would be a plus. Working with a credit repair service to help clean up the past history will work to your advantage as well.

May 13th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,869 contributions

Lenders do not like those with bad credit. Period. Work on repairing your credit. Once you believe your credit is at least 640, then think about buying a home. Yes, you will hear all sorts of people talk about the potential option of bad credit loans, but realistically, save yourself the heartache. Fix your credit first. Your credit didn't get wrecked overnight, and improving it sometimes takes awhile. Good luck

May 14th 2013
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Gary Wellner (garywellner)
#24 ranked lender in Missouri - 4 contributions

I reccomend you talking to a mortgage loan officer to get your scores and to determine how bad your situation really is. Sometimes it could be just a quick fix or paying off something that will make the deal happen for you. www.garywellner.com Kansas City, Lees Summit, Blue Springs, Mo.

May 14th 2013
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Gary Wellner (garywellner)
#24 ranked lender in Missouri - 4 contributions

I suggest getting in touch iwth a local loan officer/ mortgage lender, to have them pull your credit to see how bad it really is. Sometimes there are some simple things you can do to improve the score. Do not get tied into a credit repair company until you talk to a mortgage professional first. contact me anytime. www.garywellner.com KCMO

May 14th 2013
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Raymond Denton (Raymond)
#11 ranked lender in Ohio - 224 contributions

How old are you? If one of you is at least 62, I don't care about your credit.

May 14th 2013
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