...foreclosed home? I make only $16,800 a year after taxes and I'm looking to buy our first house for my family of 4. I have no idea about getting a loan and am not sure if it is possible for how low money I make. My credit score is a poor 542 And I'm wondering if I can buy a foreclosed home with money from a lend, and more importantly if I could even consider talking to a broker for a loan???

Hello, Hello anybody home!!!! Get a grip on life. With a credit score on 542 and an income of $16,800 per year, you can't even get a car loan. Why would you be asking it you can by any house? Think about it.

No, lenders doesn't really care on wheather your property is foreclosed or not, but with your credit score and with your income it will be hard to get a lender to get you a loan.

I can help you with to increase your income; oragon_man2@yahoo.com

I wouldn't even bother with trying to purchase a home right now with that low of a credit score. You may want to look into renting or finding a home with a "Lease/Purchase" option. Right now with all of the sub-prime loan programs going down the tubes, most lenders won't touch you unless you have a credit score of 670 or higher. Even then you have to jump through a lot of hoops.

Good luck.

Most lenders don't care whether a home being purchased has been foreclosed upon, and most don't worry about someone being a first time homebuyer. Most wouldn't worry about the combination of the two.

But the two factors you have listed - income and credit score, those are huge. The bottom line is that you'll need to increase your income (I know - easy for me to say!) and your credit score before it will make sense to look at home buying.

The credit repair you can do yourself right now. Get your three free credit reports from the bureaus and get to work on everything that's being reported as derogatory. You don't need to have a good income to have good credit, so that can be addressed now.

But you will need more income also...