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How do I get a mortgage with bad credit?
Being a homeowner is a great feeling. You know you’ve made some progress in your life, when you’re no longer a renter but instead an homeowner. However, many of us struggle to get the chance to own a home because we have bad credit.
Now, you don’t have to be discourage anymore, because there are home buying programs and lenders willing to help you become a home owner even with bad credit. Although, they may have a few extra criteria’s, you can buy a piece of real estate.
With the FHA mortgage program, their criteria’s are fairly simple. They would like for you to have a minimum credit score of 580, 3 to 6 months of paystubs, 2 years of taxes, and debt to income ratio of 35%. They also want you to have a down payment of 3.5% of the mortgage value and you can even borrow that from a friend or family member. Another nice thing about the FHA mortgage program, if you have relative living with you, they will include their income to help you qualify for that mortgage.
There are also conventional mortgages that also have become very flexible when working with new home buyers, such as allowing a home buyer to put 3% down on that house. Also, they’ve made it easier for veterans to buy a home with no down payment.
So, can I buy a home with bad credit? The answer is yes, however I would encourage to fix your bad credit so you can get a lower interest rate.