Do I have to have good credit?
YES, you must have good credit! If you don’t, a credit counselor can instruct you on how to clean up your credit record and improve your credit score. Money Management International ( or CA$H Maine ( are good resources for credit repair advice. However you may have never established a traditional credit record and that’s okay, but the lender will need to verify that you have a good record of paying your bills on time. The lender will review your record of making timely payments for rent, utilities and other payments. This is called alternative credit. For the most part, lenders require no late payments for the last two years or credit rating of 640 or higher.
If you have filed bankruptcy, most banks require a minimum of two years from the date of bankruptcy before you would be eligible for a mortgage loan.Money Management International

Show All Answers

1. How do I know if I am ready for homeownership?
2. What are the eligibility requirements to participate in the Voucher Homeownership Program?
3. How do I obtain financing?
4. Do I have to have good credit?
5. Are there any programs to help me save for a down payment?
6. What other costs are there?
7. Am I limited as to how much I can pay for a home?
8. Do I need to get my home inspected?
9. Am I responsible for other expenses incurred as a result of purchasing the home?
10. If interested in Homeownership, what should I do next?