Home Buying in Cahokia>Question Details

Jackie, Other/Just Looking in Cahokia, IL

can you buy first time home with low credit score?

Asked by Jackie, Cahokia, IL Mon Sep 26, 2011

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5
Jackie,

Your ability to purchase a home depends on many factors. Your credit score is just one of them. If you had enough cash, you could buy a home regardless of your credit score. If you need financing, you'll still need some minimum downpayment. The lower your credit score, the higher your downpayment would have to be or the higher your monthly payments would be. In theory, unless you had a credit score far below 500, you could get some form of conventional or government-backed financing. To know for sure, you'll have to work with a mortgage loan originator who can properly assess your current financial situation.
Web Reference: http://www.archershomes.com
1 vote Thank Flag Link Mon Sep 26, 2011
It depends on what you mean by "low credit score". FHA is more lenient with credit scores, but clearly, your credit history is a very important facet of the information your lender will want to know.
0 votes Thank Flag Link Tue Sep 27, 2011
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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There are other factors besides credit that determine qualification; therefore visit with any loan officer, after reviewing your financial information, income, credit, debt, etc. a determination can be made. If you don't yet qualify, at the very least, you'll know what needs to be done in order to be eligible in the near future.
0 votes Thank Flag Link Tue Sep 27, 2011
We went with an FHA mortgage for our first home purchase - it enables people who don't have as good credit or don't have the funds for a typical 20% down payment. You can pay as little as 3.5% down.

Check out our experience here: http://our-big-house.blogspot.com/
0 votes Thank Flag Link Tue Sep 27, 2011
Yes. Credit score need to be good to get mortgage. But it has some exceptions.If you are in that exception category you will get mortgage.You may talk to a mortgage banker to find out that.Good luck.
0 votes Thank Flag Link Mon Sep 26, 2011
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