Bad Credit, Low Income. Options for Homebuying?

4 Replies

Best option FHA? I'm just trying to build up my credit so I can qualify for it. I'm in an abusive and toxic home situation so I'm trying to get a home fast. I'm not sure if I will qualify for FHA. What other options are there out there for people with bad credit and low income that are feasible options that I'm not aware of?

Yeah I submitted rental applications but didn't get in anywhere. I guess it's because my credit is bad and I'm so behind on missed payments. Just trying to get it all together, catch up on payments, build my credit and get a home through FHA. The plan is to live in one of the units, and rent out the others. I never want to be in this financial situation again.

Step 1: figure out why you have bad credit; some fixes cause immediate improvements like a collection. If you have one pay it. Other simple ways are pay your credit cards off but leave the lines open. 

Step 2: figure out why you have low income. What can you do in the short term to improve it to help with step 1 above. What can you do to drastically improve it over the next several years.

Step 2: learn about personal finance and investing. Read lots of books budget your money, track your net worth, change your mindset.

Before jumping into owning a home I would find a very affordable rental living situation and work on paying off your debt, saving money, and overall developing good financial habits. After establishing that then look into buying a home. 

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