||Ask the Dollar Diva
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?
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
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:
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!
-- Posted: Jan. 14, 2000