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Almost impossible these days.
If not. You would need a larger down payment.
I would however talk with a lender and see what can be done. What you consider bad may not actually be that bad.
TALK WITH A LENDER
Not easy at all. In fact, it’s pretty darn hard.
NOT
You’re Not ready to be a home owner
WAIT
SAVE money for your down payment. . . need 3.5 to 5% minimum, and 10% is better. . . .with 20% down you avoid extra cost of PMI
BUILD your credit pay all your bills on time, in full, pay down all credit cards 3-5 times minimums, stop using credit, eliminate debt, eliminate delinquencies
YOU can MAKE it happen, but it won’t be handed you.
The word EASY and “First time home buyer with bad credit” do not go together. They broke up in 2007. LOL
You will be turned down. I would be willing to bet a nickel.
Virtually impossible. It’s difficult enough even with good credit.
Chatspla is right. You are not financially or even emotionally ready to buy. get your life in order first since you do not need to be the next foreclosure on the block
LOL…. Can you believe these people with the fake stories!!! had so and so that gave me money…. wow.. do people really fall for it? sounds so fake….
well back to the original ?….
im in the same situation.. and im stuck…. good luck
Bad credit means you lack skill handling money. That can be fixed.
Find and attend a Dave Ramsey “Financial Peace University” course. They’re held at churches, are reasonably priced, and you’ll learn valuable skills that will help you master your finances and improve your credit.
Given that you have bad credit, I strongly urge you to get that sorted out first. If you do succeed in securing a home loan, you will likely be paying much more in interest and fees than you might otherwise. That will cost you a lot in the long run, and since you are not yet in control of your money you are very likely to end up not making payments and losing your house.
First things first:
Learn how to handle money
Save up a 20% downpayment
Save up about 10% more to cover closing costs and fees
Plan to buy a modest fixer-upper in a decent neighborhood. If you’re young, you have the time and energy to put into clean up and repairs. It’s called Sweat Equity.
you need to fix it..then buy
Hi Jami…
No, not so easy. I would hit the sidewalk and do a bank to bank search. Talk to people, see what they need to loan you money. They may accept something as collateral that you hadn’t thought of.
http://www.dexknows.com/local/finance/loans/consumer_loans/