WITH POOR CREDIT, IS IT POSSIBLE TO BUY A HOME?

DEAR BOB: Thanks for your recent information about buying a home for nothing down. However, is it possible to buy a home for nothing down with poor credit? --Brian W.

DEAR BRIAN: If you have a job with steady income, you probably can obtain a "subprime loan." But the interest rate will be high, currently 9 percent or higher in today's money market.

But maybe your credit isn't so bad. To check your FICO (Fair Isaac Corp.) score, go to www.myfico.com. After correcting any credit report errors, then shop for mortgage approval before shopping for a home.

Major mortgage lenders such as Wells Fargo offer subprime home loans, as do many independent "no name" lenders who originate mortgages primarily through local mortgage brokers.

(For more information on Bob Bruss publications, visit his
Real Estate Center).

Copyright 2006 Inman News