For many homebuyer hopefuls, a bad credit score can seem like an impossible obstacle to overcome. Yet, a new study finds 10 U.S. cities where buyers with credit scores lower than 650 can become homeowners.
Based on mortgage data for the 200 largest American metros, Realtor.com finds that many of the top 10 cities for buyers with poor credit are concentrated in the Midwest and Southeast, with West Virginia, Georgia, Florida, Michigan, Indiana, and Illinois all represented. Real estate agent Margo Teeter of Old Colony Realtors, based in Charleston, W.V., the top-ranked city for buyers with poor credit, says “We’ve got a buyer's market," with lots of homes on the market, “our area has more motivated sellers.”
Bad credit? No credit? No problem—or so, many of those all-too-catchy loan ads promise. But while you might be able to finance a used car with less-than-stellar credit, getting approved for a home mortgage when you have FICO scores dwelling deep in the cellar can seem like an infinitely steeper climb. An Everest-level climb, in fact. But here's the shocker: It can be done, particularly if buyers know where to score a mortgage.
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