I talk to people every day that think they cannot buy a home when they really can. The confusion is usually over the requirements to buy a home. While some of the requirements can be pretty strict, it is possible to be strong in some and weak in others and still buy a home.
Requirements:
- Credit: I usually say the minimum is about 600, but it changes every day. Credit does greatly affect your loan rate.
- Down Payment: with good credit (700+) it is possible to purchase a home with $100 or less. You would have to use special or local programs and it limits your home options, but it is possible.
- Employment: There isn't a way around this. A minimum of one year of tax returns with really good credit (two years for 1099), or a W2 job.
Another reason some people don't think they can buy a home is because they had a short sale, foreclosure, or bankruptcy. Even if this is you, it is still possible to buy a home. It is easier if you have a good down payment, but it is possible.
No matter what you situation, contact an agent and a lender. They will be able to get you on track to buy a home. Now is the time to buy!
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