Ask the Dollar Diva By Dorothy Rosen • Bankrate.com

I have flawed credit. Can I still buy a home?

Dear Dollar Diva,
With a flawed credit history is it still possible to purchase a home for the first time?

-- E.

Yes, it is possible to buy a house even with a flawed credit history. But it may not always be a good idea.

Don't misunderstand. Buying a house is a very worthwhile long-term goal. Depending on how bad your credit history is, you may need to work on the shorter-term goal of repairing your credit.

Only a bank or mortgage broker can tell you whether your credit is good enough to qualify. Remember that every bank has different criteria, so shop around. You're in the right place for that -- Bankrate offers comprehensive and free rate comparisons.

Additionally, because of your shaky credit history, a bank or broker may offer you a mortgage, but at a higher rate than the going rate. Take the time to weigh the higher monthly payments you would be making vs. taking another year to repair your credit or save more of a down payment.

Here are three Whiz articles about improving your credit history:

• Clean credit in two easy lessons (part I) Tips on cleaning up your credit report in order to qualify for a loan.

• How to fix a shabby credit report (part II) If you want a loan, you need good credit. Here are tips on how to clean it up.

• Credit repair scams You need to be aware that the only ones that can permanently remove the debt from your record are the credit bureau or the creditor.

Be aware that buying a house will, of course, mean taking on more debt. Try the calculator "How much house can you afford?".

For more information about getting a mortgage and buying a house, you might want to read these:

• Bad credit? No credit? No sweat. Buy that house! (Really!) -- Fannie Mae and the National Foundation for Consumer Credit are organizing a plan that gives consumers who have had previous credit problems the chance for homeownership.

• BRM-101: How do you get the loan? Boost your chances of getting approved.

• BRM-101: Answers to your mortgage questions. -- Get your papers in order, your wallet at the ready and your ducks in a row -- we're applying for a mortgage.

Someday, your family will enjoy having its own house. Even better will be living in that house without the fear or stress of money problems that could threaten the house. Best of luck!

DOROTHY ROSEN has a master's degree in finance, with a specialization in accounting, from the Kellogg Graduate School at Northwestern University in Evanston, Ill. Rosen has more than 15 years of experience in the financial arena, serving in Illinois and Florida as a certified public accountant, financial consultant, expert witness and educator. She is owner of Dorothy Rosen, CPA, a public accounting firm that serves individuals and small businesses.