How do I buy a home when I have bad credit?

[Lorraine Y. Marquez]

I had to sell my home in GA and relocate to TX due to COVID. My credit dropped dramatically to 500 because we couldn’t make payments. So now we are looking for a home to buy, live in it for a year then rent it out so that we have steady cash flow and be ready if this tragedy ever happens again.

I have money for 20% BUT my credit score is bad, please help how do I get passed this?!

[Cassi Justiz]

Unfortunately, most loans will require a minimum credit score in the 600 range. I would go ahead and meet with a lender or two and come up with a game plan. Find a lender that specializes in credit repair. They can usually look at your entire credit picture and give you an action plan with your specific goals/situation in mind.