If you have a low credit score, one thing that you might be concerned about is whether or not you will ever be able to buy a home of your own. So many people are under the impression that it will be impossible for them to get mortgages until their credit scores get better. For some, such as those who have filed bankruptcy in the past, it might seem like they will never be able to buy a home of their own. However, it is possible to buy a home when your credit is not good, even though you might face some challenges that more credit-worthy buyers might not have to deal with. These are a few tips that can help you get the mortgage that you want, even if your credit score is not good.

1. Look for Ways to Repair Your Score

If your credit score is really bad, this tip might not help. However, if your score is borderline, you might be able to bring it up enough that you can qualify for a mortgage. For example, it’s always a good idea to take a look at your credit report if you are thinking about trying to buy a home. Then, you can look for any entries that are going to be falling off soon, and you can also look for any errors that you can dispute. Doing these things and making an effort to pay all of your bills on time may be enough to bring your score up enough to qualify for a mortgage.

2. Save Up a Large Down Payment

The amount of money that you save up for a down payment can make a difference between getting approved and not getting approved for a mortgage. If you are able to, consider spending the months leading up to your attempt to buy a home saving as much money as you can. If you are on the border of being approved but aren’t quite credit-worthy enough, telling your banker that you have saved up a significant down payment might be enough to get you approved.

3. Look for an Owner-Financed Buying Option

Consider looking into rent-to-own or owner-financed buying options. This can be a particularly good choice for someone who does not have good credit. Even though you might pay higher mortgage rates if you do choose to buy a home this way, it can make it possible for you to finally buy a home of your own, even if your credit is destroyed.

As you can see, there are various ways that you can get a mortgage with bad credit. If you try one of these tips, you might find that home ownership is closer than you thought it would be. Visit the WFCU Credit Union website to learn more, because they may be able to provide you with the information that you need.


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