First-time home buyers tend to carry credit scores which are lower than the general population. Often, this is because first-time buyers have only a short history of managing credit, and payment.
One of the easiest ways to qualify for a home loan with bad credit is to make a larger down payment. Usually, this requires a down payment of 20 percent or more of the sale price.
What Credit Score Do I Need To Buy a House? First, let’s take a look at the credit score ranges from FICO: Exceptional credit = 800 and above Very good credit = 740 to 800 Good credit =670 to 740 Fair credit = 580 to 670 Poor credit = under 580. Even if you have low credit, there are still options for buying a home.
How do you get a home loan when you have bad credit? There are 3 different ways to do this. The first way is not very exciting. It’s called credit repair. The 2nd option is to have someone else.
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