I want to buy a home for the first time, but I don't know if my credit is good enough.

Question

I want to buy a house for the first time in my life. However with the recent downfall ot he Fannie Mae corporation, I don't know if I stand a chance now. Is there an entity or company that will help me to buy a home?

Answer 1

Home buyers generally apply for a loan before starting to search for a home.  This prequalification tells you what price of a home you can buy but will also tell you if there are areas in your finances you can improve upon.  You'll be armed with good info so you won't waste a realtor's time and you can quickly write a contract when you find the right house.

Answer 2

Fannie Mae nor Freddie Mac have failed.  Your chances of getting a home loan are not very good if your credit is poor.  You don't state how bad your credit is.  The guidelines have tighten up in the past year.  Start with a realtor and a banker and get pre-approved.

Answer 3

You don't know unless you try.  Go to different banks and mortgage companies and see if you can get pre-approved.