Guide for Buying First Home with Bad Credit - Get Assistance from Expert

If one is buying a home with bad credit for the first time, how does he go about it? Having a poor credit score precludes getting any kind of fiscal assistance, so how can he become a homeowner?


Pittsfield, MA -- (SBWIRE) -- 04/16/2013 -- can help answer these questions by sharing its knowledge of this topic, including:

- Operation HOPE
- FHA Help
- VA Home Loans
- Sub-Prime Lenders

HOPE for Help
Operation Hope is designed specifically for people who have low income and bad credit. Its goal is to help these folks become homeowners. If someone is a bad credit first time home buyer looking for a loan, it’s possible that Operation HOPE can help. Some of the ways in which it can be helpful include furnishing FDIC-insured loan products, offering down payment assistance, and providing teams of experts in realty to work with clients. Operation HOPE can be accessed at any HOPE Center location or online.

Federal Housing Administration Aid
Looking into FHA home buyer’s loans is a great way to find out how to get a bad credit home loan for a first time buyer. The FHA has many programs that are less restrictive when it comes to credit ratings. Some of the perks of FHA loans are minimum down payment and closing costs, 100% financing obtainable under certain circumstances, and easier credit score requirements. Go to the FHA website to begin learning about how and where to apply.

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Veterans’ Home Loans
If one is a veteran and a bad credit first time home buyer, the VA has options to look at. Loans provided by the VA have limits on the amount of closing costs, origination fees, and appraisal costs. They’re available through most lenders, and there is no mortgage insurance required. If a lender’s policy says a buyer must have PMI (private mortgage insurance), the VA prohibits them from requiring it because the VA is guaranteeing the loan. Contact a nearby lender to apply.

High-Risk Financers
There are lots of non-banking institutions that can help someone buying a home with bad credit for the first time. Some of these financers are money management firms; others are companies that only lend to those who have poor credit. They’re called sub-prime lenders, and the interest rates they charge are very high. However, if one’s credit is badly damages, they may be his only hope. Go online to find these financers.

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