I want to buy my first house, and I have my heart set on a particular townhouse. I have a 20% down payment, but my credit is for crap. I have some charge offs & slow pays from a few years ago when I was in college. And I haven’t used any credit for anything in a few years: no credit cards, auto loans etc. Do you think theres any chance in hell I can get financing?
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Not much of a chance. Clean up your credit and try it in a few years.
You can get a credit report right now and find out how your credit looks now. That would be a start. There may be things on there you need to clean up.
In current economy, very unlikely although your down payment will help. But if all your problems are old, there is a better chance, but if they’re old and your recent history is good your credit should be improving. Go to a lender and try to get prequalified.
Have you looked into a FHA loan? That is 3.5% down. and your credit doesn’t have to be perfect. Congrats on saving up such a good down payment for being so young. .
freecreditreport.hotusa.org – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.