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Most people who deny themselves a home do so because they worry they do not have the credit to buy a home. In fact there are several paths to getting a home even with credit in the 500s or less. While some lenders may turn away applicants with less than perfect credit, there are many more catering to such borrowers.

Credit Repair

The simplest path is to repair your credit. You can try doing this on your own but in today’s complex world the most effective way to do this is with the help of a lawyer who specializes in this line of work. Past clients who chose to do this saw improvements within a few months and were ready to get a zero-down payment mortgage loan within a year.

Non-prime Loans

For those who have saved the down-payment, there are specific loans that cater to people with less than 600 FICO score. People with 550 and higher credit scores, there are 3.5% minimum down-payment loans. Those falling between 500 and 549 credit score, the minimum down-payment is 10%.

Other Loans

What if your credit score is below 500? Yes, there are loans for these individuals as well. These private money loans are primarily concerned with two things: 1) Is the home worth more than what you are looking to borrow? 2) Do you make enough to make the monthly payment? Credit scores do not enter into the decision to lend you money. A hefty down payment will be expected from you.

With all the non-private money loans out there, it is hard to see why anyone would opt for a private loan with a hefty down payment. Take less than a $100 each month and pay for credit repair. You will save $10,000s  over the life of the loan.

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