Can i buy a house right now in sacramento ca with bad credit?

im thinking just like everyone else at this time, why rent when you can buy? so i really need somebody who's got some good answers and what should i do if i want to pursue in buying a house that's on the market right now. price range im looking at is around $0-$180,000. would you know how much i would be paying for mortgage every month as well with 3k down? my credit score is at 567 but its only because of a motorcycle loan that i had gotten for a friend and once he wrecked it, he stopped paying for it and i couldn't keep up with it for over a few years now. but i have an auto loan out there and im doing great on it and i should be done paying off the car next year. i've been at my job for over 4 years and im planning on staying there. i make over 2k a month. help me please with some advice. also does the gov have any programs out there for first time home buyers right now? yeah i need the whole sha-bang. thanks in advance.Can i buy a house right now in sacramento ca with bad credit?
No you can't. You can't buy a house anywhere with bad credit. Heck, you can't buy a house anywhere with so-so credit. You need good credit.



Secondly, the price range you are looking at is unaffordable for you. The rule of thumb is that your mortgage is no more than 2x-3x your annual salary (before taxes). If I assume that 'over 2k a month' is after taxes and that before taxes you are closer to 3k per month, then your annual salary is close to $35,000 a year. That means that your mortgage should be between $70,000 and $105,000.



More specifically, your mortgage payment shouldn't be more than 28% of your gross monthly income and your total debt payments shouldn't be more than 36% of your gross monthly income.



When you co-signed for this 'friend's' motorcycle, you agreed to pay if he didn't. You need to correct this on your credit report before you can buy a house. How much fun is that? You co-signed for this friend and now your friend is causing you to not be able to buy a house. You should thank them for that...



The government has a tax credit of $8000 for 1st time home buyers, but it expires on December 1st of 2009. You will not be ready to buy a house by that point.



good luck!Can i buy a house right now in sacramento ca with bad credit?
With a credit score of 567, you're not going anywhere for a loan. You need to improve that score to a minimum of 625-650 before you will be considered. When you eventually DO get a loan, you need to drop your price range to around $130K or less, so that you can decently afford the payments, which will include taxes and insurance.
to buy a house that price and that credit score, you would probably need to be making at least $60,000 a yr and have 20-30% cash for downpayment, plus another 3-6% for closing costs



if you only make 25,000 a yr, you would only qualify for a house priced about $75,000 and I doubt you'll find that in Sacrmento



there is the $8000 first time home buyers credit that expires Nov 30th, but it won;t help you
Just call up Cris ( the Artful Dodger ) Dodd, or Bahwney Fwank, and they'll hop on the phone with their favorite Lobbyists to see how much graft they can get, and then they will pressure some Bank President to give you a loan that you won't be able to repay. After all , that's what practically caused the mess our economy is in right now. The two of them should be in Jail, never mind heading up any hearings to question anyone else .