Video Summary
Can I buy a home if I have bad credit? The answer to that question is of course you can. However, you are going to be somewhat limited in that you are going to have to have a cash down payment and find a seller who is willing to finance the property if you don’t have sufficient monies to pay cash for the property. The time that the credit’s going to hurt you is, if you have to go to an institutional lender, and they look at credit scores in order to determine whether or not you qualify for their loans. It’s getting more and more difficult to qualify for an institutional loan or going through a bank. So you are probably limited to talking to sellers who are willing to finance the property.
Another way that you can go about this is to enter into a lease with an option to purchase, wherein you give the seller a small down payment. And then they can apply a portion of each monthly payment to your purchase price and then hopefully hold owner financing, but build your credit back up so that you can refinance the property and pay the seller in cash after a certain period of time under a lease with an option to purchase.
So, yes, you can buy property. However, your options are limited to sellers who are willing to enter into owner financing or leases with options to purchase. If you would like to discuss this further, well, give me a call at 727-847-2288. Thank you.