making offers to purchase--I'm clueless

[ann]

Hi,
I was interested in making 3 offers in three different parks on three different homes.
Do they require you to make a deposit to submit an offer? Also, does anyone know-- is it possible to get financed with a credit score of 520-550? I make really good money- $56,000 a year--but Ive been told with my low score--I'll probably get refused--is this true? I have debt--about $10,000 and a bunch of late bills paid and 3 identity thefts that Im trying to fix from the credit agencies. Does anyone know how you can get these credit errors fixed fast? I have waited 30 days and Experian is still dragging their butt and hasnt erased it. Meanwhile my credit is suffering and houses are going that I could of maybe bid on. Anyone have any ideas on these issues?
Ann

[rmurray]

Are you sure some thief stole your 520 crdit score...The fraud proceedure is simple..first you have to report this crime to the police sand file the police report with th various cb's..Seems many of th folks I see lately with these low scores mention crdit fraud...

You will not be asble to get financed with these scores in a rental park..There are some lenders who will let you finance with large downpayments..

[jgn]

You will be required to make an earnest money deposit with your offer. It can be as low as $500 or as high as 10% of the offering price. That money is just money deposited in escrow to show you are earnest in the purchase of the home . Most contracts state that in a certain period of time you will be able to get financing at a certain interest rate and the home checks out, if neither of these things can happen you get the money back.

Getting your credit scores up is a much longer process even with identity theft. That can take six months or longer and with "a bunch of late bills" will take much longer. You need to get the identity theft issue taken care of and pay your bills on time. If you look at the lenders point of view you cannot pay your regular bills on time so how can you pay a mortgage, bad investment on their side. Income is only one of the things a lender will look at, most important is how you handle that income and from what you say you are not manageing your money well. Clean up you bills and try again in a year or so or face paying very high interest rates.

[ann]

Jgn,
Thanks for the response......I'll see what happens.
Ann