ever own a house?

[nika9801]

What is the name of your state? MN

my credit is bad due to credit cards that had numerous late fees and too many accounts open, and due to columbia house records. how difficult is it to get approved for a house loan? is there a break for first time home owners?

[bigun]

As long as there are no chargeoffs, late payments can be handled.

What you need to do is look at the entire spectrum. Not just your credit but, your income/debt ratio, the amount of mortgage you need, down payment, etc. Often, lenders will require you to close some accounts if they feel you access excessive credit.

I'm assuuming you want conventional interest rates. Most lenders models are score driven. A FICO score much under 650 {depending on lender} is on the shakey side. If you have decent income and 24 months of good credit, you may qualify for FHA financing at conventional rates. FHA is not score driven {nor VA mortgages if you are ex military}. But, you do need a period of clean credit and all chargeoffs and judgements paid.