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- 01-31-2008, 02:49 PM #1
Camo Belt
- Join Date
- Nov 2007
- Posts
- 128
I am trying to buy a house with a 426 FICO score
I have a question for you and hope that you can help me. I am trying to buy a house. My credit is awful. My FICO score is 426. I am trying to get a letter of pre-approval or something from my lender. Because of my credit score the sellers are allowing me 6 months to get my score cleaned up enough to put the house in a loan with my name. They are letting me do a lease purchase for the 6 months. I
- 02-01-2008, 11:31 AM #2
Super Moderator
- Join Date
- Dec 2006
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- Chillicothe, Ohio
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- 58
Your best bet these days would be an FHA loan. You can have issues but you have to have proof that they were as a result of an extenuating circumstance that you can document. Medical problems, lay off, unexpected expenses, and so on may be acceptable reasons for delinquency on credit for FHA. You do have to show that you have paid things on time and that you have recovered. With your score being as low as it is you should start paying items off.
6 months is very little time. A credit repair company may be worth looking into.
Beyond FHA you are very limited without a significant down payment of probably 20% or more.
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