We just held our debut "First-Time Homebuyers Seminar" last night, which went very well, I think. There were some really great questions, both in and out of the workshop, such as those on credit reporting and credit repair.
First--a large portion of our seminar does include quite alot of information on FICO scoring, the "why's" and the "how's", and what it all means to the average homebuyer. "Bad" credit is a whole 'nother ballgame, but I will tackle a few misconceptions here.
- What's "Bad" credit?
- A FICO score of under 619 is considered by lenders to be "very high default risk," and is virtually unfinanceable at this time.
- Can you still buy a house with "Bad" credit?
- Maybe, if a seller can be found to hold a lease-option until you can get your credit score up.
- I declared bankruptcy last year, can I qualify for a home loan?
- Maybe--only a mortgage professional can answer that, once they've reviewed all of your information.
Every situation is different, and there are many 'scam' operations out there ready, willing, and able to take your money to do 'credit repair', so before getting into one of these situations, get a professional opinion--you wouldn't do surgery on yourself, would you?
Stay tuned for more workshop dates--one could be coming soon to your area!
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