I have a poor credit score, so i was wondering if it better to fix my credit or come up with a down payment?

Deal Score0

for a mortgage loan. and if there is any home loan program in oklahoma that can help me.

4 Comments
  1. Reply
    finsfancb
    April 29, 2011 at 9:33 pm

    My $ 0.02 is fix your credit first. Depending on how “bad” your credit score is it will be difficult to get a loan and it will cost more, i.e. higher interest rate.

  2. Reply
    I_Love_McRedneck
    April 29, 2011 at 10:07 pm

    DEFINITELY fix your score first. If you can save for a home, then you should certianly be able to pay off bad debt.
    Some lenders will attach a lein against your house if there’s no other way to get the money from you, so definitely fix your credit. Besides, your rate will be lower and you won’t have to deal with an ARM which will skyrocket and cause you to go into foreclosure when you can no longer afford the payments.
    Buying a house is the worst thing you could possibly do when your credit is bad and you have no money!

  3. Reply
    global l
    April 29, 2011 at 10:14 pm

    Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal youinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

  4. Reply
    Johnny W
    April 29, 2011 at 10:16 pm

    I would also advise you to rebuild your credit score first. My wife and I are first time home owners and that is what we did. It can be a daunting task but well worth it. Here is a site that we used to learn how to rebuild my credit.
    http://www.thecreditrepairmanual.com

    Good luck

    Leave a reply

    Register New Account
    Reset Password