Are there any loans out there to buy a house for not so good credit ppl?
I been thinking alot lately about buying a foreclosed home but my credit is not the best…Are there any loans out there for people like me..and what are the exact steps I should take to rebuild my credit besides paying off the 3 things I owe?
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May 15th, 2010 at 12:11 am
Since we do not know what is making your credit rating bad then generally you get your free credit reports and go over all three line by line and clean it up through payments, negotiations and plain old paying what you owe down to 20-30 percent of the limits on each cc if that is what the debt is.
With good credit folks are getting turned down right now so good luck just work on the credit and let the bad stuff age a bit and then try.
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May 15th, 2010 at 12:45 am
While foreclosed homes are typically much cheaper than those not in foreclosure, they often are tougher to get loans for. Reason being most require work, and lots of it. Unless you have a substantial amount of money saved to put into the home, I doubt you’ll be granted a loan for a foreclosure. It’s similar to buying a car – if you have poor credit, you have a better chance of buying new than used. Because the new car holds more value, it’s easier to resell a new vehicle than a used one if you default on the loan…
Only way to get a loan on a home, be it foreclosure or not is to pay off or at least lower the 3 debts you currently have. Establishing more credit won’t take away from the fact that you currently have debt, it’ll only be more debt added. You have little options but get your current debt down and reestablish good credit by paying all bills on time each month… Good luck, hope things work out for you.
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May 15th, 2010 at 1:32 am
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References :
May 15th, 2010 at 1:40 am
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