Money problems can hit anyone at any time. From medical bills to job loss and even a bit of bad luck anyone can have a poor financial past. But, should that stop you from being able to buy a Chicago house for sale? Should bad credit or no credit also mean that you cannot buy a house to flip for profit, or invest in Chicago real estate? URB Chicago doesn’t think so and we’d like to help you answer the question, “Can I buy a house with a 400 credit score?”
For starters, a credit report is pulled by nearly any lender who is extending credit to a borrower. A credit report can be pulled for a home loan, a car loan, credit cards, and in many states’ car insurance. Yes, a credit report can help lenders determine a borrower’s past credit usage. But a credit report is not the end-all for a person’s ability to pay back a loan.
URB Chicago says, bad credit, no credit, no problem! That is because in our forty years of selling houses in Chicago’s southside neighborhoods and Chicago’s westside neighborhoods we’ve built trust among homebuyers through our owner financed homes for sale. By offering owner financing on our distressed and vacant properties for sale we are able to provide home buyers with bad credit and low income the opportunity to get a fresh start or buy Chicago area real estate. We don’t pull credit reports which means for you, that, yes, you can buy a house with a 400 credit score.
Here are a few tips URB Chicago can provide when trying to buy a house with a 400 credit score:
Know your neighborhoods
When looking for homes URB Chicago specializes in Chicago’s south side neighborhoods and Chicago’s west side neighborhoods like West Pullman, Englewood, Roseland, South Chicago, and more. Understanding your future neighborhood will help you determine the best place to begin your home search. Do you want to be close to Lake Michigan? Do you travel a lot and prefer to be near Midway airport? Do you prefer local shopping, or do you love the atmosphere of Downtown Chicago?
Knowing the neighborhoods you are interested in buying a single-family home, 2-flat wood frame house, or commercial real estate for sale will help you make the right choice when investing in Chicago real estate.
Know your intentions with real estate
Not all real estate is created equally. The same holds true for your intentions when buying Chicago real estate for sale by owner. Are you interested in buying a handyman special to rehab for your personal dwelling? Are you in search of a 2, 3, or 4-flat apartment building for sale to start or add to a rental portfolio? Do you want to purchase a mixed-use property that will allow you to live next to your business? Are you in search of cheap commercial property for sale to start or move your business? Depending on your real estate intentions, you will know which Chicago properties for sale by owner work best for you.
Research house types
Are you looking for a red-brick Chicago bungalow for sale? How about a Greystone for sale? Do you love worker’s cottages? Or, what about Victorian or Gothic homes? Understanding the type of single-family home or property you are interested in will help you understand the best southside or westside neighborhood to search. Chicago neighborhoods have a wide variety of houses for sale by owner covering 150 years of architecture. Different neighborhoods were built in different decades, so where you might find worker’s cottages in Back of the Yards, you may want to search red-brick Chicago bungalows in West Pullman or Englewood.
Understand how owner financing can help you buy a house even if you have a 400 credit score
URB Chicago offers owner financing on our Chicago houses and properties for sale. This means you don’t need to worry about the paperwork, delays, and costs typical of bank lenders. Our seller owned properties offer contract for deed agreements that allow you to put low money down with affordable monthly payments comparable to the cost of a new car.
So, if you are wondering, “Can I buy a house with a 400 credit score?” the answer is yes, you can.