If you are a first-time homebuyer with less than stellar credit – relax (at least a little bit). Fortunately for you, it is common for first-time buyers to have credit issues so there are some options available.
- Down payment: Paying a high down payment certainly increases your chances at getting a good mortage.
- Employment history: A strong and long history of employment and a high income to loan value ration will work in your favor.
- Monthly rent: If your mortgage payments will be similar to what you are currently paying in rent, this shows you can meet the monthly payments.
- Savings account: A good savings account is always a plus.
Next time we’ll look at specific options at finding a lender when your credit is poor.
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