If you’ve been putting off getting a real estate license due to poor credit, don’t despair. There are options available that will allow you to purchase a home regardless of your credit history. The FHA loan, for example, is available to borrowers with bad credit and a minimum credit score of 620. This loan requires just a 3.5 percent down payment, and the FHA guarantees the lender’s repayment in the event of default.
The first step is getting a real estate education. The state requires that all applicants have at least 45 credit hours of pre-licensing training before they can get a real estate license. The number of training hours required will vary depending on the state you live in. In California, the requirement is 135 hours, while other states require different amounts. Whether you complete real estate courses online or in a classroom setting will depend on your state’s requirements.
If you can meet these requirements, you can take the exam. In addition to taking the exam, you may need to complete post-licensing education. Some states require post-licensing education in order to maintain a license. Some states require post-licensing education only once, while others require continuing education every year. You will need to take a series of classes, or pass an exam that requires continuing education.