The Secret to Buying a House with Bad Credit

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This guide will teach you how to buy a house with bad credit, and where to go to find financing that will work for you.

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Every lender has a set minimum credit score they require to approve homebuyers for a mortgage. Some lenders will accept lower credit scores while others have stricter requirements.

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Certain types of home loans allow you to qualify with a lower credit score while others require a higher score.

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– Traditional fixed-rate loans typically require a minimum score of 620 to qualify – Adjustable-rate mortgages (ARMs) require a minimum score of 600 – FHA loans backed by the U.S. Federal Housing Administration

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Whether it’s your first time buying or just your first time in a long time, here are the steps you take to buy a home with bad credit.

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Find a housing counselor in your local area. The Consumer Financial Protection Bureau (CFPB) offers a helpful tool that lets you search for housing counseling agencies by zip code.

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Call for a home buyer consultation. Let the counselor know you are a first-time homebuyer that has bad credit.

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Learn about the options available to you. The counselor will explain programs that you can qualify for where you want to buy.

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Take a first-time homebuyer course. Many first-time homebuyer programs require you to provide a certificate of completion for a HUD-approved first-time homebuyer course.

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Create an action plan with your counselor. Your housing counselor will help you create an action plan so you can get ready to buy a home.

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