If you want to become a homeowner, odds are you’re going to have to take out a home mortgage to do so. Few people can afford to pay for a house out of pocket, after all. In order to be approved for a loan, lenders will often check your credit. This is because your credit gives them an idea of how financially stable and how financially responsible you are. It can be difficult to secure a loan if you have poor credit. Fortunately, there are a few ways that you can buy a home despite having bad credit.

Look for Low Credit Loan Options

Some personal lenders may be willing to overlook your poor credit, especially if you have a standing relationship with them. However, you can expect to pay much higher interest rates as a result. In fact, you may even be required to make a larger down payment, which isn’t always possible. If your credit is well below what a traditional lender can approve, then there are a few loan programs that you might want to look into with low credit requirements. The most popular is the FHA loan.

The FHA loan only requires a credit score of 580 and a down payment of 3.5 percent. If your score is less than 580, you can still qualify, but you’ll have to pay a 10 percent down payment. You may also want to look into VA loans (if you’re a veteran) and USDA loans, both of which have minimum credit score requirements of 620 along with good terms.

Poor credit is not always your fault. Fortunately, there are some mortgage options that have low credit score requirements. For more information on what you need to secure a mortgage or to buy a house, contact us at Randy Lindsay today.


Randy has enjoyed over 27 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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