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We rent our home, we would like to buy it, and we have $10,000 down payment. The owner wants to sell for $85,000. Our credit is not great, what can we do to qualify?

The owner would like to sell ASAP and we want very much to stay in the home and do not want to move.

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  Answers  |  2

April 08, 2016

Depends entirely on your definition of "not great." With 10% down (which it sounds like you have) there are lenders who will close an FHA loan with very low credit scores (like 500 low). If you're >580, there are lenders who would allow 3.5% downpayment. If you have the seller pay for the closings costs, it is entirely possible that you can buy the house with the money you have - provided you have the credit and income to qualify.

$commenter.renderDisplayableName() | 09.20.20 @ 23:37


April 12, 2016

Begin the pre approval process with a lender to find out what the lender credit report and scores are and also what the loan program options are for your scenario ( if any ) then make decisions from this point.

$commenter.renderDisplayableName() | 09.20.20 @ 23:37