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How to buy a home with bad credit or low credit scores
How to buy a home with bad credit. Our Second Chance Home Loan Program provides home buyers with damaged credit the opportunity to purchase a home. In recent years, borrowers that did not have great credit where denied a home loan. We can now help almost ever buyer regardless of credit situations.
Buying a home is usually considered a great investment. However, a bad credit history can be an even bigger obstacle for potential buyers than it was in the past, as the recent economic crisis has caused lenders to tighten their standards for loaning money and providing mortgages. However, it is not impossible. You can buy your first home with bad credit by accessing federal and local resources and saving for a larger down payment.
Get prequalified for a loan. The first step to buying a home is making sure you can get a loan. The Federal Housing Administration (FHA) and the Veteran’s Administration (VA) provide loans that have more forgiving credit standards, so check these federal mortgage programs first. The Richard Woodward Mortgage Team specializes in FHA and VA loans if you are eligible. Our goal is to make sure you have the best home loan program to suit your needs. If you can’t qualify for FHA or VA, then we have a way for ... more
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