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First time home buyers can buy a home with less than ideal credit.

Borrowers who have filed for bankruptcy in the past would have to wait at least four years from the date of discharge. Borrowers who have had a short sale or foreclosure would also need to wait seven years to qualify for a conventional mortgage loan. There are exemptions to allow borrowers to qualify in a shorter period of 4 years. However, there would have to be extenuating circumstances for the bankruptcies or foreclosures. The borrower would still be required to have at least a 620 minimum credit score to qualify.