The Secret to Buying a House with Bad Credit

You might think that having a credit score in the 500s would keep you from buying a home. But that isn’t always the case. 

Traditional fixed-rate loans 

Traditional fixed-rate loans typically require a minimum score of 620 to qualify

Adjustable-rate mortgages (ARMs) 

Adjustable-rate mortgages (ARMs) require a minimum score of 600

FHA loans 

FHA loans backed by the U.S. Federal Housing Administration require a minimum score of 580 if you make a down payment of 3.5%

FHA loans with a 10% down payment  

FHA loans with a 10% down payment only have a minimum requirement of 500

Want to read more about what to do if you want to buy a house with bad credit?

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