If you have bad credit, can you buy a house?

I already have a house, But I going to have to sale it for a relocation on a job. Therefore I will have to buy a new house. My credit is worst now than it was when I brought my first house. IT's horrible actually.

However,I have never missed or been late for a mortage payment. My car and house are with the same bank and I have had good credit history with both of them.

Therefore, do you think I will be able to get approved to buy a new home.

9 Answers

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  • 1 decade ago
    Favorite Answer

    possibly, as long as you sell your current home so that you have money for a down payment... With banking stuff, money talks... With a low enough LTV (Loan to value ratio) no one cares what your score is as long as you have no mortgage lates and your consumer credit is okay... What happened to your credit? Check this website out, you might be able to get pre-approved through them for a new home with your credit situation being taken into acct.

    www.amerisave.com/partner/mtower

    That guy helped me with my mortgage needs, and he didn't charge me any points, and the closing costs were SUPER cheap. also, since it was a purchase, he got the Seller's to pay my closing. And it kinda doesn't matter where you are. He's licenced everywhere in the US and D.C...

    Source(s): Client and Home owner.
  • 1 decade ago

    It will be hard for you to get approved for a favorable loan. If you do, it can be very expensive. If you say you were pretty good with the car and mortgage payments but still have bad credit, then you must have a lot of debt. Focus on clearing the debt and building your credit. If you get approved for an expensive loan, just rent for the mean time. Your credit is the most important, fix that and you'll be in a home in no time.

  • 1 decade ago

    We were able to buy a home with bad credit. All of the prior answers are right but we purchased a home through an independent party, and did not have to pay any more than usual. Actually we only had to put down a grand, which is excellent these days. Our credit was named bad because of the lack of credit established.

  • Anonymous
    1 decade ago

    Unfortunately, yes, I think you will get a loan pending the sale of your current house. The lender will expect all proceeds from that sale to be applied toward your new house.

    And, since your company is relocating you, there is an advantage in your favor.

    So, why is it unfortunate? Your trashy credit will guarantee you pay a higher interest rate on your new loan. At a time when you could expect to get the lowest-interest, because you were careless, you will pay many thousands more to the bank.

    Lesson learned?

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  • Anonymous
    1 decade ago

    People with bad credit are still given a chance in certain situations. For example you might still be able to buy a new home but you will have higher interest rate/mortgage due to your credit rating. So I think you will be able to get approved to buy a new home.

  • 1 decade ago

    It depends how much you have for a down payment and just how bad your credit is.

  • 1 decade ago

    Different banks/lenders have their own requirements when it comes to credit scores.

    You should check with your own bank first if you have a good relationship with them.

  • nickie
    Lv 4
    3 years ago

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  • Anonymous
    1 decade ago

    Now you looking for loan to buy a new home, dont worry we will help your porblem go throurgh is link http://www.ukremortgagerate.co.uk/cheap-remortgage...

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