The first time home buyer loans with bad credit are possible for the unpleasant situation. Firstly, you can make a larger down payment. It will be a so-called compensation for the bad credit. Still, not every lender will accept this. So, learn to communicate with lenders and find compromises. If you have no money for a larger down payment, then you can sell some of the assets.
The first time home buyer loans with bad credit and zero down are possible for those, who are ready to apply for a higher interest rate. While it’s a kind of challenge, it might be a reasonable solution if you desperately need money. Furthermore, there are situations when the bad credit score is a result of the past mistakes and now financial situation and attitude to loans have changed. If you are sure that you will bear the higher interest without harm to your credit, then consider this variant.
FHA has some available options for first time buyer home loans bad credit. Borrowers with a credit score as low as 580 still can qualify for special programs. Apply to their official website to find out the details.
If any of the aforementioned variants aren’t suitable, then you probably should wait and improve your credit. Don’t forget that you can try to negotiate with a lender.