Yesterday I was talking to a young couple about purchasing a home in the next couple years. We discussed a few things like if they knew what their credit ways like. He said that he thinks it is 580 or so. I told them that as a first time home buyer, there are many tools to get you into a new home. However; they need to bring that credit score up. First, you need to get your credit report so you know the good, the bad, and the ugly. From there you will be able to evaluate and bring that score to the required minimum of 640.
The Federal Housing Administration offers first time home buyers loans with very little down payment. Your down payment can be as low as 3.5% down. There are even home loans from the USDA in the outlying areas. USDA loans have to meet income restrictions and also property location restrictions. USDA loans offer no payment to help get the new buyer into the home, just a service fee which is currently about 1%.
Be sure to ask me for recommendations on lenders. Not all lenders are the same. I can recommend ones that I have worked with in the past that are honest, professional and in compliance with required laws. Unfortunately there are lenders out there that prey on unexerienced buyers. We don't want you to encounter those.
Please call me if you have any questions, even if you have already purchased. I am here to help!