how do you buy a house with a very low credit score and a foreclosure on it?

i had a time share which foreclosed and brought my credit score down to a 505 is it possible to get a home loan with the foreclosure still on it if so how?

Public Comments

1. You can't get a home with a 505 credit score. I BARELY qualified with an excellent income and a 670 credit score with no foreclosure. Wait a couple years
2. You're stuck. Save your pennies, pay your bills, and take a second look when your score is 680 or better.
3. foreclosure --- no chance for at least 5 years past the foreclosure.
4. It depends on: How much time has passed since the foreclosure? Is that the only blemish on your credit? If your circumstances have changed? What other debts you are carrying? How much money you are making? How much cash ou have for a deposit? What other assets you have? Then if you do get the loan, you will probably have a high rate of interest. I would suggest going to a small local private bank (if you can find one) and talking to them honestly. They would most likely be more apt to take the risk if you are known to them, and if they feel you are no longer a risk.
5. No, you may even have a hard time finding a rental with that score.
6. Well, you can always go to a bank and ask, but this score is so low that its possible they won't lend you anything. Maybe if you put down like 50% or something you could swing it but even then maybe not. Possibly you could get a co-signer with better credit to help you out, beyond that you may need to just wait until your score gets better.
7. Ya know I understand that the American dream is to own your own home, but frankly, it's a privilege not a right! Have you considered obtaining some education in the lines of money management? Not to be a SA, but you need to work on repairing your situation, not creating more issues for the rest of us in the way of more foreclosures and distressed sales.
8. Unless you have a HUGE downpayment, it is highly unlikely that you will be able to do this. You are going to need at least 2 years of seasoning on the foreclosure.
9. 505 is too low... You can use credit repair agency to fix your credit - for example this one - http://creditreport.fateback.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.