Credit Crisis Tightens Home Loan Requirements

Added December 19, 2008 by Ilyce R. Glink

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Summary: Gone are the days when you could buy a home with no money down and poor credit. Bad credit home loans are difficult to obtain. Banks aren't making home loans to borrowers with poor credit after the credit crisis. What can someone with little savings and poor credit do to prepare to buy a home?

Q: Can I buy a house with no money down and truly awful credit?

A: It would be extremely difficult to do so these days, if it were possible at all and I'm not sure it is). You should spend the next year or two cleaning up your credit and saving up for a down payment. Then, you can buy a house with confidence, knowing that you'll really be able to afford it.

Dec. 19, 2008.

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