Really bad credit, is it possible to get a house??

Quick question!



My husband likes to fill out credit card applications! Bad habit and now we know just HOW bad...



We just found out his credit is at a 559 because he has had his credit pulled 24 times in 6 months!



Is it possible to still get a house loan with this?? The house we have been trying to get is 140,000!



Please advice??Really bad credit, is it possible to get a house??
You probably can. I used to work in a mortgage company and I got a woman with a lower score than that approved using an FHA loan. Other factors come into play, such as how much you're putting down... how much your monthly income and debt is... and how much you have in ';reserves'; (how much savings you have). All these figure into whether or not the loan approves. I suggest calling PHH mortgage for a loan. We did EVERYTHING possible to get people approved because it was very competitive there. Guidelines TODAY may be stricter because of all the foreclosures, but FHA would be the way for you to go. It's simply a gov. backed loan and the downpayment can be as little as 3%. GOOD LUCK!Really bad credit, is it possible to get a house??
its possible but you will be paying a higher rate. It also depends on how much money you put down and your income. Also make sure you can afford the payment including all taxes, insurance and maintenance.
It is still possible to get a loan with this. Mortgage companies look at many other factors besides whats on your credit report. Including you ability to repay the loan, the assets that you own and your past history with other types of monthly payments. The only downfall is that your credit score may cause the bank to give you a loan with much higher interest, than if you had a better score.
talk with the bank. buy a house is different than buy a car because the value don't loose over nigh easy. Only problem you may have is high interest rate
Not likely even with a down payment, unfortunately those requests for credit will remain on his report for 24 months. (It makes creditors think you are desperate) Stop filling them out and recheck your credit in about 3 months if paying on time and C to D ratio is good is should go up some
It is possible. But as you probably already know, you'll get a pretty high interest rate. Shop around as much as you can. Find out about all the available options. If possible, you should hire an experienced, reliable mortgage broker to help you select and negotiate for the best deal. Also, check out Eloan.com :-)