Will they not let you buy a house with bed credit score?

I found this perfect little house for only 99G and that is 50G less than our house. I want to live there so bad, and my mom does too but she doesn't think she can get it because she has bad credit. Does it depend on the person selling the house if they will let someone buy their house with bad credit, or is it a bank thing that goes for all people? How bad does it have to be for them to not let you buy a house?Will they not let you buy a house with bed credit score?
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You don't need good credit to get a home. With some of the deals going on right now you can get a home with bad credit and zero down. Just talk to a bank but preferably a Realtor.
NOT anymore.

Those with NO money down and poor credit won't get a loan now.

It's not the seller, but the lender that won't work with your mother to buy the house.



Bad credit means a history of poor financial decisions: paying late, not paying at all, running up lots on credit cards, opening lots of credit accounts, etc.

You and Mom can make it happen, but it means using good financial practices and planning for your future. Suggest you and Mom read up on Dave Ramsay's plans, get books from library, listen to him on radio. Start fixing bad credit by paying down ALL bills, paying everything on time every month, paying 3-5 times minimums on credit cards, Stop using credit. SAVE for down payment. Need 3.5 to 5% down payment, plus closing costs. Saving a little every month will grow a down payment, even if you start really small.
If your paying cash no one will care how bad your credit is.



If you need a loan they will absolutely care about your credit score. The lower your score the higher the risk that you wont pay them back. You can still get a house but they will ask more of you to lessen their risk. For example they will probably want a 20% down payment and they wont give you the best interest rate. They can also ask co-signers which also lessens their risk because now they can go after more people if you fail to pay. It all depends on how bad your credit is.



The bottom line is that the bank just wants to get their money back. Your credit score is simply a history of who you have and have not paid back in the past. So if you didn't pay back money to other people who have lent to you they will assume that you may not pay them back either. Look at it like this: If you had a friend who borrows from everyone and never pays them back would you let them borrow your money? Probably not or you would put a lot of conditions on it right? Same thing with a mortgage loan.



Either way if you guys can afford the mortgage, try and get a loan. Your score is just one factor in the process. And if one bank says no you can always try another. Its like if mom says no you can ask dad and if dad says no maybe ask grandma? I'm sure you get my point.



Good luck, I hope this helped...
The people selling would love nothing more than for you to be able to get a loan to buy their place...but, it isn't up to them, it is up to a lender to decide if your mom is a good risk. Having bad credit, unfortunately, makes her a high risk and most likely not a candidate for a mortgage until she cleans it up.
You have to go to the bank for a loan and if you have bad credit, you can forget it.