buying a house for the first time with bad credit

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Lack of a good credit score can be one of the biggest obstacles a first time home buyer will have to conquer when buying a home. Generally, a first time homebuyer with a higher credit score will have a better shot at securing a mortgage loan with a low interest rate, meaning lower monthly payments.

FHA loans are a good choice for many first-time home buyers Since its inception in 1934, the FHA loan program has assisted more than 40 million families purchase or refinance property. The program was built to promote homeownership among a portion of the population that would not otherwise qualify.

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Buying your first home: a step-by-step guide. For many would-be first-time buyers, a first home remains tantalisingly out of reach because you’re not able to raise the deposit that lenders require. The good news is that lending criteria are finally beginning to ease. A growing number of lenders now offer 95% loan-to-value mortgages,

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A first-time homebuyer’s credit score can affect whether they qualify for a home loan and how much they’ll need to pay in interest. Although there are no hard-and-fast rules about the allowable credit score for a home loan, you will have a more difficult time finding a lender if your score is below a certain level.

With bad credit, you’ll not only need to find a lender that handles government-insured loans, but also one with flexible credit requirements. Although the FHA doesn’t have a minimum credit score requirement for its insured housing loans, each lender is allowed to set its own credit score and down payment requirements.

For home buyers worried about their credit score when buying a house, you could consider getting a co-signer for your mortgage. This means you get someone who has a good credit score (such as a family member) to sign the loan with you, which strengthens your loan application. However, it’s essential to realize that your co-signer is equally accountable as you are for repaying the loan.

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