Go Back To Search Results Question Are there any home loans available for first time home buyers with horrible credit? My credit is really bad I am just going to be honest. I have a few old credit cards and student loans. The only thing that is a plus on my credit is my car note. Are there any lenders that are willing to work with someone like me. I have tried lenders in the past that claim they will help but they all said no. By Ms. Lise Posted on 01/20/10 Total Answers 4 Answers- until your score are over 620 in the middle of all 3 reports you have no shot at a mortgage at all. You must work on the things that made your credit bad and work on the things that make your credit good all at the same time I am a mortgage banker in TN Answer by : golferwhoworks On Date 2010-01-20 09:17:46 Not any more. In case you didn't notice, the American economy just cratered over home loans for first time home buyers with horrible credit. Answer by : Steve On Date 2010-01-20 09:23:00 If your credit is that bad, the first thing you should do is get a copy of your credit report. You are authorized to get a free credit report each year. On this free credit report you will not get your credit scores and you have to request this report from each of the major credit bureaus. It normally take about 30-45 minutes to get one and print them so you can go over it. Look and see if there are any negative items on your credit report from each of the credit reporting agencies. If there are negatives you might challenge each negative item on your report. There are several agencies that claim they can assist you in raising your credit score. You would have to check these agencies out on a case by case basis. There might be some that would be able to help you and some that might not be able to help you at all. Make certain this type agency is legal and can do as they say they can. There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy. You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require. He will inform you of what is necessary once you contact him. This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage. I hope this has been of some benefit to you, good luck. "FIGHT ON" Answer by : loanmasterone On Date 2010-01-20 09:24:38 Not these days. Banks stopped giving loans to people who cannot manage their finances about 2 years ago. If you cannot manage your finances as is, what makes you think you can handle a VERY large debt and obligation?? Answer by : Ryan M On Date 2010-01-20 09:27:24   Go Back To Search Results