Today you really have to have good credit to qualify for mortgage options. You really need to start with knowing what is in/on your credit report that is causing your score to be low. Then you need to work on it to bring your score up. There could be things on there that shouldn't be and need fixing? There is no quick fix. You should start with a loan officer to have them go over your credit report with you and suggestions for improving your score and how much do you need to increase to qualify for a loan. Great suggestion to start saving for the down payment while you are working on your credit. You want to have a good score so that you have a good interest rate on your loan. And it also can affect the amount of your home owners insurance as well. You are making the first step by asking this question and heading in the right direction. All of your work will be worth every ounce when you get your house.
You should first speak with a lender to find out if you are qualified for a mortgage now. If the credit is not high enough, then you can get some ideas to improve your scores and then work on executing the gameplan. In the meantime that will give you the time to save up some $$ for a down payment.
Best of luck!
The home price will not go back up anytime quickly. Even if you have a property what is
the likelihood turning from bad credit to get served for judgment? I think it is high.
Best clear your credit then move forward you won't be able purchase a home
Confer with mortgage broker
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Start the diligent effort to repair your credit, the joy of home ownership will be all that much sweeter!