with no credit lenders would be unwilling to work with you.

with bad credit finding a lender willing to work with u is the hard part.

you need atleast 3% of the houses asking price towards closing cost. so save if u havent already.

as long as your credit score is 580 u can qualify for an fha loan. 720 fico is great 620 is average 600 fair 580 bad

u can jump on a home sometimes without even paying off old debt.
but if u want a home $700 a mnth youd wualify for a $100,000 home with bad credit if u had good credit and wanted only to spend $700 youd qualify for a $130,000 home.

Home loans for bad credit are for people who find it difficult to get loan facilities due to poor credit ratings. However, people with bad credit may have to deal with several difficulties at times and they also pay slightly higher interest rates for the loans. One of the best ways to increase your chances of getting a home mortgage loan if you have poor credit is by improving your credit history. Besides, you can get in touch with some good sub prime lenders who may be able to assist you in getting the best deal in getting such loans.

http://www.worldbestloans.com/homeloans.htm

There are many reasons why anyone can get a negative credit history, which includes overspending and lack of proper financial planning. Many of us fall into a debt trap owing to excessive use of credit cards, which can sometimes put a strain on financial resources and result in late payments. These last payments impact on our credit scores.You can improve this situation by prioritizing your needs well and set some money aside, which can be used to clear off your debts on time.

Check this site for the list of lenders that gives people with bad credit a second chance http://www.newhorizon.org/Info/homeloans.htm

Hope this can help you

Definitely the one with the bad credit. Their are home loans, like FHA loan, that cater individual’s financial capability. Without credit, it pretty impossible to get approved.