Is There Such a Thing as a First-Time Homebuyer with Bad Credit? (Spoiler: Yes!)
Wondering if you can be a first-time homebuyer with bad credit? Discover here the options and tips for securing a home loan despite your credit score.
If you’re in the market for your first home, you’ll be in the best position if you’ve got good credit. However, first-time homebuyers with bad credit aren’t unheard of. In fact, many lenders offer programs specifically designed to help buyers with lower credit scores secure a mortgage.
You should prepare to jump through a few extra hoops or swallow some extra monthly fees, but it might all be well worth the effort if it means getting your foot on that first rung of the homeownership ladder.
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“There’s a reality that not everyone has perfect credit, or great credit, or even good credit,” says Tony Baroni, a top-selling agent serving Tampa Bay and Orlando, Florida. “There’s always a way to get financing.”
First, it’s about getting connected with the right agent and lending team and evaluating your specific situation. “I always tell our buyers, we need to find out where we are so we can figure out where to go,” he says. “If we have some issues going on, there’s a solution to every single one.”
Indeed, if you’re a first-time homebuyer with bad credit, you have plenty of options, and you just need to know what they are. In this primer, we outlined effective solutions by credit score and offered expert tips so you can get into the game and start building wealth through real estate.
