Thinking of buying first home, but I have bad credit and no down payment?
- I could wait a year and improve my credit and save for a down payment. I would continue paying more in rent than I would in mortgage and insurance, but I would have more money in savings and better credit, therefore a lower interest rate,
-Or I can get something now at a higher rate of interest, and pay less than I do now in rent, and split the savings into paying down the principle and paying off bills.
What do you think?