Seattle

[firsthomebuyer4]

i have bad credit but i have the money to purchase three 300,000 dollar homes but only looking to purchase 1 will my credit matter

[Debra Hamilton]

If you are getting a loan, your credit and income will matter.  If you have the money to buy three $300K homes and are only buying one - then you most likely can put more $$ on a down payment.  What area are you wanting to buy?  Do you have a lender you have spoken with or not?  If not, I'm sure we have lenders we can recommend to you.  Thanks, Debra

[Morten Nilsen]

Debra is spot on: a large down payment can do much to counterbalance a less than perfect credit rating when applying for a home purchase loan..

The way I understand your post, however, is that you  actually have more than $900,000 available cash and wish to purchase a single $300,000 home. With a cash offer, there would be no reason for the seller to look at your credit report. You would, of course, need to furnish proof of funds in order to get the offer accepted!

A word of caution: if your "bad credit" includes any debts that you have defaulted on, you should consult an attorney before buying a home to avoid placing your purchase at risk.

Morten Nilsen

[firsthomebuyer4]

thank you both really appreciate the feed back i will have any debts paid off before i purchase i just wanted to know if credit would matter if your paying in cash and lord knows i dont want to purchase anything someone can take away for bad credit mainly medical bills but no credit cards or repos, thank you once again

[BLeech]

If you are buying as a primary home, the thresholds are different.   I would recommend evaluating a credit repair.    We often find buyers feeling that they are "stuck" but with a little work on both of our sides, can sometimes do amazing things.    Any BKO must be 3 years seasoned unless there is an extenuating circumstance such as a medical event, job transfer, divorce, etc.   Banks are gun shy right now and don't often go the extra mile for helping clients achieve home ownership unless you are perfect  on paper.   Consider a smaller entity.   We, for example,  make common sense underwriting decisions, have a wealth of tools to help you repair credit, and are in this business to build a lifetime of relationships, not just a quick profit on selling you extra products or accounts or credit cards that you don't need.   Blessings and Good luck. 

[Morten Nilsen]

As I said before, your credit score will have no impact on a cash purchase. And, if you have paid off ALL your creditors, there should be no risk. Hiring someone to "repair your credit" would be a waste of money if you have already paid off your debts.

Morten Nilsen

morten.nilsen@ziprealty.com

Author of Snyder: The Pig's Tale

[#7]

do you know of anybody personally that can fix your or try to fix your credit?  a couple of years ago I paid close to $1000 dollars to fix my credit but the company was only helpful for about two months and after that they gave the run around by saying that the person that helped me was no longer working for them...any info would help thanks

[Debra Hamilton]

I have had a client use a service with Quadrant Homes - my client was buying a Quadrant home but he didn't qualify due to credit issues so they enrolled him in a Credit Repair Service they offer through the Quadrant Bank and six months later he was able to buy a home. 

You might check with your bank to see if they offer a credit repair service as well. 

[Cheri S.]

You are in what seems to be great position. Take a cue from John Commuta. I have just started his program of removing my debt with accellerated payments. It is very exciting way to get rid of the debt. His program is called Turning Debt into WEalth. Also DAve Ramsey has a program similar and you can work in a group hosted by serveral churches for a low cost. If you have cash to buy a house you do not need to have grat credit as all the other replys have confirmed. However no one suggested that you pay off your debt. It really improves your score. then do not use debt much if any. However keep three major cards. Pay off the balance every month and never charge more than what you can pay in a month. It is important to keep the cards that you have had the longest. When you think about it what you pay in interest vs what you get from any savings plan, it just makes sense to pay the debts off, It also makes much sense to buy a house ASAP because the market is ripe with houses that need a loving owner and if you have cash that is great because the banks are not very willing to loan money. Be Bold, Be happy.

[Danielle H.]

Hi there. My husband and I have bad credit as well. We were referred to www.elitecreditcare.com. Our case manager's name is Attila Thiry. They are amazing..... they handle everything for you. He will also tell you upfront if he can help or not and how long it might take (estimate). They also educate you really well with what to do from here on out. Just so you know, paying old bills can actually hurt your credit... especially if they are more than 2 years old. From what we have been told, most lenders usually look at the past 2 years and if you pay something off it will show as a new report on your credit history and unless you can negotiate it, it will be a new negative report. Attila handles all of that for you and can navigate you as to which items to pay or which ones to wait until he can negotiate it for you. Good luck!!