bad credit first time home buyers
Any suggestions on buying a house for first time home buyer with bad credit?
I want to buy a house but i do have bad credit. I have a couple of collections accounts on it that i have paid off, paying off, haven’t paid off. I have no repos, bankruptcies or evictions. I want to take Advantage of the $8,000 credit the government is issuing. I heard that their is a program to help first time home buyers. I live in Las Vegas Nevada (U.S.). Houses are cheaper now than to go rent an apartment. (Only real people that want to help answer please. If you have nothing nice to say don’t waste your time)
It may be tough for you. Lenders want at least a 720 credit score (they’ll give it to you when you apply for the loan). You will need at a minimum 3.5% down payment for the loan. Anything less than 20% down requires Private Mortgage Insurance will will tack on 50-60 bucks a month until you get the loan to less than 80% value of the house.
I would ask a few lenders what their standards are. Good luck.
