Best way to get a first time home buyers loan with bad credit?
Saturday, May 15th, 2010 at
10:58 am
I am so tired of paying rent and want to buy a house but my credit isn’t the best. I know there are grants and other things for first timers but I’m not sure how to apply for those types of things.
Tagged with: bad credit • buy a house • first time home buyer grants • first time home buyers loan • rent
Filed under: First Time Home Buyer Loans and Grants
It really depends on what the situation with your credit is. If you’ve had a bankruptcy, it must be discharged. Some lenders will work with you 1 day out of bankruptcy. You can probably get 100% financing with a 540 credit score if you’re working with the right people. If you have judgements or collections accounts on your report those have to either be paid or you can dispute them if theres incorrect information on your credit report. If you have a strong rental history (like no late payments in the last 12 months) that can be a positive thing for a lender to look at. Whoever you work with should know or know how to get information on 1st time homebuyer programs in your area.