can i buy a foreclosed home with bad credit

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Never mind the hit that one’s credit score takes. Still, some of the homeowners who were foreclosed upon when the market first started to skid are now looking to buy and getting. three years before.

When a buyers market offers consumers low interest rates and great mortgage terms, purchasing a foreclosure can become the ultimate deal. However, for consumers with black marks on their credit history, it can be a little more difficult to make a property purchase. Knowing how to purchase a foreclosure, even if you have bad credit, can be.

Best Answer: You can buy any house with bad credit if you have enough stable income to pay the mortgage. When you go to a bank and apply for a mortgage, they will look at all your debt payments and bills and subtract that from your income to figure out how much you can afford for a house.

Buying a foreclosed home can score you a great deal and be a smoother process than working with a traditional owner. Before you dive in, though, here are some steps to help you navigate the process.

Can you buy a foreclosed home with bad credit? My credit isn’t terrible but it’s not perfect either. I found a foreclosed house for $5000 and I have the money to buy it with. Do you still have to have good credit to buy a foreclosed home even though you have the amount of the forecloser?

Buying a Foreclosed Home: How to Buy a Foreclosure in 5 Steps – Having a high credit score (check your free here) is always helpful, but you can buy a foreclosure with bad credit. You can buy it cash, purchase it with a partner, or put the loan in a trusted family member’s name.

Put your fears about buying a home with bad credit aside. Just because you have bad credit or filed bankruptcy or gone through a foreclosure does not mean you cannot buy a home.You most certainly can buy a home with bad credit. But you’re going to pay more than a borrower who has sparkling credit.

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