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2 years ago
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how does the first time homebuyers work if you have bad credit and no money down?

Home buying
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Brandace Holley
Brandace Holley
Real Estate Professional
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2 years ago
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Well good news is that you can get by without putting any money down on a home with a Rural Development loan. You would need to contact a local realtor and lender in your area regarding requirements and elgibility. With a RD loan, you will need a credit score of 620. I highly suggest calling a lender or call your personal bank and speak with someone in the mortgage departmenet. They can point you in the right direction and help you decide which home loan is right for you. A good lender will also point you down the road of success and let you know exactly how you can remedy your home buying needs if you unable to qualify at this time. Brandace Holley, REALTOR Licensed in Louisiana, Coldwell Banker Group One Realty 318-362-0007 Each office is independently owned and operated.

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While informative the previous answer is misleading. The truth is you don't buy a home with no money down and bad credit.

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Rebecca Queen
Rebecca Queen
Real Estate Professional
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2 years ago
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Royal Greetings!
You're both right on this topic. While Brandace was being diplomatic and professional in her advice (good advice!), Joe is correct. Loaning money to people with bad credit history and no savings account for down payment is how the banks got us into this housing mess. You will need to repair your credit and save up some money (at least 5% of the sales price unless you're a Veteran) as part of a long-range plan to purchase a home in the future. Patience is a virtue in this life changing dream. Get yourself a good realtor who will link you up with a good lender. Together they will walk you through this lengthy but worthwhile process! Best wishes ~ Rebecca Queen, RE/MAX 1, Austin, TX
Licensed to practice in Texas #0318249. 512-767-5733 www.QueenRealties.com

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