There are many first time home buyers that are seeking low FHA mortgage rates. Unfortunately, many of these borrowers do not have a significant income nor do they have a low level of debt. This makes them prime candidates to take out a bad credit home loan which is exactly what mortgage lenders do not want.

If you are a first time home buyer and your debt to income ratio is above 50% you will probably be taking out some type of bad credit home loan. Even though you may not have extremely bad credit you have too much debt compared to the money you are making. With this being the case you need to work to lower your overall debt load.

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