Can one with bad credit really buy a house?
Tangie, The minimum requirements for FHA is a 500 score, no lates/collections in the last 12 months shown on your credit, 4 good tradelines showing on your account open for at least 12 to 24, good verification of rent from property managed company (if from an individual, include canceled checks) You need to have a really good reason why you had past derogatory credit and why you feel like you are a better credit risk now verses then. I just closed a 512 on an FHA loan back in June. She had a heart attack about 4 years ago causing all of her credit to go bad since she had no income to pay the bills from being out of work for a year. Since then, she started paying all her bills on time. Granted they were alternate lines of credit (light bill, phone bill, trash, water, insurance) that I had added to her credit report to build it back up. So, would I say ANYONE with bad credit can buy a house, NO. But I would say, with the right knowledge and direction on how to better yourself and your cr
