I have bad credit, but I want to buy/rent a house!?
Answers:
Um basically you will be paying huge interest if anyone will even bother to give you a loan which is pretty unlikely. Also, loan companies don't like to loan to unmarried couples as it could get messy later on and they won't be able to get their money. You will probably have to put a pretty big down payment down. Have you guys been saving? I would say rent a house first for a couple of years. Get your credit back in shape and then go to buy a house so you wont have such high interest and you will have a chance to save up for your down payment.
Other answers:
Have you tried the fanny Mae foundation or FHA HUD. these programs not only help lower income but with credit issue also. we had late payment on our credit and received an FHA loan for our home.
Have you tried the fanny Mae foundation or FHA HUD. these programs not only help lower income but with credit issue also. we had late payment on our credit and received an FHA loan for our home.
My husband & I went through a bankrupcy and foreclosure on our house. We didn't think we'd be able to find a place either! We are now renting a duplex. So there's hope for you! We went through a local realtor agency that had a rental division. The trick is finding a renter that is willing to work with you despite your bad credit. Good luck!
If your credit rating is above 500 you can get approved for a loan (with sufficient debt/Income ratio and satisfactory employment time) but for a higher interest rate. You will not be able to go through a prime lender but a sub-prime lender will fiance you if conditions are met.
In the long run you would be better off to get your credit on track and pay your bills on time. There are many articles on the 'net on how to improve your credit rating.