Can I Buy A Phoenix House With Poor Credit?
Posted by Artur Ciesielski on Monday, June 27th, 2011 at 8:33pm.Q: Can I buy a home in Phoenix, AZ with $5,000 in cash and bad credit but a good job?
A: A similar questions was asked on Realtor dot com, but with the wrong answers in part. The answer is you may be able to, but should you.
Purchasing real estate is a big deal and a huge obligation that's constant, but life is not. Life changes and if you have limited cash and a low credit score it's not as easy to go through the ups and down the come up.
You don't just need money to buy a house for closing costs and so on, but you need a reserve. What if your A/C goes out at $4,500 or something else comes up? Usually you need at least 6 months of reserves. Is $5K enough?
There are other options like lease options etc, but those as well require a commitment that should be backed by a reserve.
So you should not be looking to buy a home with bad credit and little to now money: save up first.
Artur Ciesielski | 602.492.8004
Artur is a Realtor and partner with inPhoenix Realty Group and an aspiring flaneur, currently in Phoenix or elsewhere when time allows, which is rarely. You can find him running up miles on this car, cycling the urban streets, in the office on Central or working at one of the many coffee shops in Central Urban Phoenix.
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