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Do I have to have good credit to buy a home?

I am a single father of an autistic 4 year old. My rent is going up and I can't afford the new price. I figure it is time to stop throwing my money away and start putting it towards a mortgage. I am a first time home buyer.
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July 16 2013 - Southeast Boise
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no, but it does help to have good credit if you're trying to get a mortgage.
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July 16 2013
The credit you will need will depend on the type of loan you are trying to obtain.  There are lots of moving parts that make up the decision to lend you the money or not - not just credit.

Some programs have no credit score requirements, others a 550 medium credit score and others might require a 720 credit score.  It is good to team up with a Realtor / Lender that understands the different options so you start off on the right foot.

There are several first time home buyer programs that are great that some lender's don't offer.

Rent in Boise is typically higher than a mortgage payment at today's prices and interest rates which is why many investors are back in the market buying haves as well.

There are programs that help with down payment, others that help with buying down a lower interest rate, some with closing cost assistance, etc.

I have taught first time home buyer classes for nearly 20 years in the Boise area and would be glad to help you get on your path to homeownership!

Jim Paulson
Owner/Broker [Violating content removed by Zillow moderator due to spam. Please refer to our Good Neighbor Policy for more information.]
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July 16 2013
It depends upon several factors, first of which, how "Bad" is your credit?  Do you have stable income/employment?  Do you have any savings or investments?  I help people in your situation all the time and would be happy to speak with you more!
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July 16 2013

I understand your challenges, as I'm a father too.  To answer your question, you will need to qualify on all factors: credit, income and assets.  The lender will pull credit from all 3 credit bureaus and use the middle score to determine your credit.  Also, it's best to make sure you don't have any liens, judgments or collections still active on your report.  Best place to get started.  The Lender will use your income and use it as a ratio between your whole housing payment and your other debt found on the credit report.  The assets will be needed for down payment, closing costs and possibly to meet reserve requirements.  You may want to check with the lender in your area, if there may be any down payment assistance programs for your area.

Best of wishes to you and your son.  Hopefully, your son's development continues and your challenges are minimalized.  It's not easy, and I wish you the best.  If you any further questions, then please don't hesitate to ask.

Sincerely,
Mike Bjork

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July 16 2013
You need to talk to a lender and get per-approved.
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July 16 2013
 
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