Do I qualify as a first time buyer since I've never owned a home and would I be able to get it with a low credit score?

Asked by Megan Hatcher, Goose Creek, SC Wed Jun 15, 2011

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Fri Jun 17, 2011
Hi Megan, good morning.

If you have never owned a home, you ARE a first time buyer (or have not owned in the last 3 years). The FHLB offers a matching grant for first time buyers, for every dollar you put up, they put up FOUR! It maxes out to 7500, so if you have about 1900, they match you 7500, so you have a nice down payment of closing costs.
Credit score qualifications vary from lender to lender, and you have already guessed the higher the better. A good loan officer can pull your credit and go over it with you. A REALLY good loan officer can suggest strategies to help raise your scores so you qualify and get the best rates possible. However, if you are starting with low scores, it is important to pick your loan officer and stick with them, multiple pulls of your credit by many lenders may lower your scores even more.
I hope thse comments help! Jim, American Bank. We proudly serve all 50 states! 703 615 4675
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Gerard Carney, Agent, Spring Hill, FL
Wed Jun 15, 2011
Depends on why you have a low credit score, is it because you have very little credit history, that is excusable, because of credit card abuse or late payments or worse non-payment, then you have some problems, First time buyer incentives are awesome, if you have credit problems, then clear them up, do things to increase or improve you score and come back to the searching and qualifying when you have better scores.
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Annette Levi…, , New York, NY
Wed Jun 15, 2011
How low is low? That will determine with or not you qualify for a mortgage. I would suggest you get copies of your credit rpeort with scores. If it is below 620, do you pay your bills on time? If not you need to work on your credit. Many local housing non-profits can help you with budgeting problems.
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Marlene Cole…, Agent, Goose Creek, SC
Wed Jun 15, 2011
Hi Megan! Having never owned a home and purchasing your first home is so exciting. That being said you would need to be prequalified with a mortgage company. It will depend on how low your interest rate is and why. The mortgage companies treat medical bills differently than the other car payments, credit card payments, etc. Also having no credit is better than having bad credit as you can work to bring that up. Also if your credit score is low because of late pays you can get into credit counseling and that will raise your score if you do what they tell you. If you would like more information please email me at mcoleman@carolinaone.com. Best regards, Marlene Coleman
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Scott Godzyk, Agent, Manchester, NH
Wed Jun 15, 2011
Megan the only one that can tell you if you quailify for a loan is a local and trusted loan officer, you can get prequailified at no cost to you, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…

Please see my blog with tips and advice on getting a mortgage
Web Reference:  http://www.ScottSellsNH.com
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Marika Kary, Agent, Summerville, SC
Wed Jun 15, 2011
You do count as a first time homebuyer - and what a great time to be one with low house prices, lots of choices, low interest rates . . . the works!! If you email me at Marika@MarikaKary.com I can put you in touch with a lender I really enjoy working with who is great at helping first time homebuyers navigate through the loan options out there and can even help you find programs that give you down payment assistance. Also, I would be happy to send you my guide on buying your first home.
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