Q&A: Where I can get a home loan with poor credit?

Question by Christina K: Where I can get a home loan with poor credit?
I have poor credit and I am on a time crunch. I have money for a down payment and the income for monthly payments, but my credit score is in the 500 range. The house that I am wanting is asking $ 95,000. Is it even remotely possible for me to get a loan?

Best answer:

Answer by bdancer222
Maybe, if your downpayment is big enough. Your score will really work against you and I assume you have at least some derogatory items in your credit file that cause that poor score. Those deroagtory items will also be a problem as most mortgage companies will insist those all be settled before you are approved.

You will also need at least a 2 year stable work history and sufficient income. Your monthly payment should be not more than 25% of your monthly income.

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