How do you get a house with bad credit?

My friends have bad credit but a good amount of income coming in and they would like to buy a house. Any thoughts to help them?How do you get a house with bad credit?
A good loan officer should be able to get you approved for an FHA home loan. If need be, they can help them take steps to raise their score whether it be via tradeline programs if your friends are in a hurry or simple credit repair if they have more time. Check out the source website and their free evaluation form; they can help you with all of the above. Good luck!How do you get a house with bad credit?
Good luck! I dont think you will get this in this economy. Of course, you can always pay with cash, but who can do this?
an especially large down payment...Normally lenders like to see 20% of the asking price, if you can put down 40-50% instead..it will be easier to get the loan....

If you can't afford the 20% down, you can't afford the house....
Start saving as much as possible and put it into a savings account.

Work on getting the credit fixed by paying bills on time and reducing the Credit Card balances and then come back in a couple of years when you have a decent down payment and shop for a mortgage.
Bad credit means they cannot be trusted to pay off loans. Thus, they may have to stay renters until their credit improves. Besides, why buy now. The market is a year away yet from bottoming out.


Well I would need more info to offer the best advice, it really depends what you mean by bad credit. Is it a few late payments, or is your ';friends'; score hounded by charge offs, repos, collection accounts or any other type of bad credit. If there is a few late payments it might be possible depending on how long ago they were. If it is anything else I do not for-see your friend being able to get a loan. Their bad credit paired with the failing banks and housing market make it hard for me to say it would be possible. I used to recommend FHA loans but even those have dried up. Best advice I can give is to put that extra income into a CD or any other deposit account earn some interest on it and wait for the housing market and their credit to improve.