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Updated over 5 years ago on . Most recent reply

Account Closed
  • Phoenix, AZ
0
Votes |
3
Posts

Bad Credit, Low Income. Options for Homebuying?

Account Closed
  • Phoenix, AZ
Posted

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?

Most Popular Reply

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532
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Craig Jeppesen
  • Rental Property Investor
  • Chubbuck, ID
466
Votes |
532
Posts
Craig Jeppesen
  • Rental Property Investor
  • Chubbuck, ID
Replied

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.

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