How to Buy a House with Bad Credit or High Debt (2024 FHA Loans)

How to Buy a House with Bad Credit or High Debt (2024 FHA Loans)

If you’re wondering how to buy a house with bad credit, high debt-to-income, or little cash, the FHA loan may be your best bet. With an FHA mortgage, you can dodge the high credit score requirements while still locking down an affordable interest rate, regardless of how much money you put down. Even more, this is NOT a home loan reserved just for first-time homebuyers, meaning ANYONE can use it to get into their first or next property (including a multifamily!). So, why isn’t EVERYONE taking advantage of FHA loans?

Licensed mortgage advisor Hannah Escher is back on the channel to explain why the FHA loan is one of the best mortgages around. But with the massive pros come some equally-sized cons that homebuyers MUST be aware of before they get an FHA loan. What’s the credit score requirement? How much money down do you need to have? And when does it make MORE sense to go with a conventional loan than an FHA loan? All that, and the full FHA loan requirements, are coming up in this video!

Have you ever used an FHA loan? If so, would you use one again? Let us know in the comments below!

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How to Buy Real Estate with Just 3% Down! (Conventional Loans):
https://youtu.be/MrFox0Z_PLI?si=DRc8O59OCfyCPio-
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What Is an FHA Loan?
https://www.biggerpockets.com/glossary/fha-loan?utm_source=youtube&utm_medium=description&utm_campaign=none
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FHA vs. Conventional Loan: What’s The Difference?
https://www.biggerpockets.com/blog/2013-03-18-fha-mortgage-vs-conventional-mortgage-2?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Hannah on BiggerPockets:
BiggerPockets: https://www.biggerpockets.com/users/hannahe16?utm_source=youtube&utm_medium=description&utm_campaign=none

00:00 Get Pre-Approved For More!
04:47 Down Payments & Property Types
06:59 Credit Score Requirements
07:48 Mortgage Insurance
09:22 FHA vs. Conventional Mortgages


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