Question about a mortgage loan if you have bad credit but a first time buyer.?

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Is it possible to obtain a decent interest rate with fixed mortgage if you have a bad credit history.

3 Comments
  1. Reply
    acermill
    April 30, 2011 at 1:07 am

    If you have bad credit, you would be fortunate to find a mortgage loan at ANY rate, much less a good rate. I suggest that you shop around to see what might be available.

  2. Reply
    Rob Kosberg
    April 30, 2011 at 1:53 am

    The only way to purchase with dinged credit and still have a decent interest rate is via FHA. You need a 640 credit score and will get a very good interest rate, in the 5% range for a 30 yr fixed.

    If you don’t have a 640 then you need to begin working on your credit via credit repair and credit improvement.

  3. Reply
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