How to buy a home with bad credit or low credit scores

Mortgage and Lending with Service First Mortgage, NMLS #166487 NMLS 217454

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 you to buy a home with bad credit.

Second Chance Program Highlights2nd chance lending program

  • Up To 90% Ltv
  • No Minimum Credit Score
  • Bankruptcy, Foreclosure And Short Sales Are Ok
  • Deferred Maintenance Is Acceptable On Purchases
  • Up To 7% Seller Help Allowed
  • Gift Funds Are Acceptable
  • Will need at least 2 Months Principal, Interest, Taxes, and Insurance payment in the bank Post-Closing
  • May Consider 1st Time Homebuyer With Larger Down Payment
Our 2nd Chance Home Loan Program is available for home buyers with loan amounts from $100,000 up to $1,000,000.  That is right even Jumbo Home loans for luxury properties.

Put your fears about buying a home with bad credit behind you.  Just because you have bad credit or low credit scores or filed bankruptcy or gone through a foreclosure does not mean you cannot buy a home. You most certainly can buy a home with bad credit.

 Our 2nd Chance Home Loan Program is available for home buyers with loan amounts from $100,000 up to $1,000,000.  That is right even Jumbo Home loans for luxury properties.

Many potential buyers think they can’t buy a house if their credit has taken a turn for the worse, but that’s not necessarily true. There is hope for those who want to buy a house, even if their credit is dismal.

Some helpful resources include:

Richard Woodward, NMLS 217454

Your Local, Direct, 5 Star Rated Mortgage Lender, Specialty Lending Manager

Office: (214) 945-1066

Service First Mortgage NMLS 166487

6800 Weiskopf Ave #200, McKinney, TX 75070


Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice. The views expressed on this site are those of the individual author and do not necessarily reflect the positions, strategies or opinions of Service First Mortgage or its affiliates.


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Gwen Banta
Sotheby's International Realty - Los Angeles, CA

Richard, my experience is that sellers in a sellers' market shy away from Buyers with FHA loans due to the lesser amount of down payment - no matter how much the agent touts the security of an FHA loan. Have you experienced this!

Oct 29, 2018 02:48 PM #1
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

There are ways you just have to follow the lenders instructions to a "T"

Oct 29, 2018 04:15 PM #2
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Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender
7711 San Jacinto Place, Ste 100 Plano, Texas 75024