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Karen Butler- Military Specialist

News You Can Use In And Around Fort Walton Beach

By Karen Butler | Agent in Fort Walton Beach, FL

What mortgage programs are available w/no money down and less than perfect credit?

There is really no short answer for this question.  While there are many 100% financing programs(no money down). The VA has one, Rural Housing (RHS) is another. Some are income based, and that includes all income coming into the household.  Some may consider the number of people in the family.  Another may be based on the location of the property.  Having less than perfect credit is another animal altogether. 

The main question would be how much less than perfect is your credit.  Very few people actually have perfect credit.  There really is no one size fits all answer for this question.  Anyone telling you it's a simple answer would be doing you a disservice.  Everythig and every "ding" on your credit report carries weight.  Some more than others. For example if you were late on your $300 car payment last month, that hit on your credit score will be more harsh than the $5000 hospital bill from 9 years ago.

But your credit scores basically tell your story.  And that story will determine the decision to lend you money.  Does your story say Hey, I've paid my bills on time, I ran into some difficulty at some point, but now I have it back together again?  Or does it say, every credit card I've ever used; cell phone I've ever had; utility bills still outstanding, etc.  When people tell me they have bad credit, I respond with, No you have "bumped and bruised credit" and bruises will heal.  There is a way to do everything. Lenders really want to know what your story says for the last 2 years. If you would like additional assistance in pointing you in the right direction, please don't hesitate to ask.

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