Posted on: 07th Jan, 2014 12:36 am
Hello there... my credit is bad. But I have 20% down payment saved in my account. Will I be able to buy a home?
Hi Pauli,
With a bad credit, it will be difficult for you to get any kind of mortgage to buy a property. You will have to improve your scores and then look out for a mortgage.
Thanks
Jerry
With a bad credit, it will be difficult for you to get any kind of mortgage to buy a property. You will have to improve your scores and then look out for a mortgage.
Thanks
Jerry
Even if you have saved the 20% down payment amount, you will not be able to take out a loan with bad credit score. As such, you need to take the steps to improve your credit score.
Depends on how bad the credit is.
If you have a credit score of 560 or higher, you may be able to get an FHA mortgage with a 10% down payment.
If you have open charge offs and judgements and liens or recent foreclosures or bankruptcy, you may not be able to get a mortgage if not enough time has passed since the event.
If you have a credit score of 560 or higher, you may be able to get an FHA mortgage with a 10% down payment.
If you have open charge offs and judgements and liens or recent foreclosures or bankruptcy, you may not be able to get a mortgage if not enough time has passed since the event.
