IT IS TIME TO OWN YOUR OWN HOME
If you find yourself in a position where you are tired of renting, please contact us. We have successfully turned over 8,000 of our clients into homeowners. We can make it happen for you.
BUYING A HOME WHEN YOU HAVE BAD CREDIT
Most of us long to own a home. We see this idealized place as our shelter in bad times. We love the thought of being able to decorate the entire series of rooms to our unique specifications. Here is our own abode, where we can plant a garden, entertain friends and raise children. Somehow, renting an apartment just isn't the same.
Unfortunately, for many of us, buying a home is a difficult prospect because of one major drawback, a poor credit history. Bad credit almost always creates complications when trying to purchase something as big as a home.
That three-digit credit score and our credit report can make the difference between being granted a home loan and being rejected out of hand. Why? Because our credit report tells a financial story of us as payers of debt, and it has a long memory. Few people manage to go along forever without making a single financial mistake, and the fact is that many times, those people who pay cash for everything, end up with a lower credit score than those of us who juggle debt.
The worse your credit report is, the harder it will be to acquire a home loan. That is why it is imperative before you go house shopping and long before you need to move, to study your credit report and clean it up as much as you possibly can. In several months to a year's time, you can improve your credit report and raise your credit score. Then you will have a much better chance of moving into your own home at a competitive interest rate.
A low credit score means that you will be charged a much higher interest rate when you apply for a home loan. Additionally, you will be required to contribute a much larger down payment of cash. Finally, if your score is very low, you might simply be denied altogether, although virtually every mortgage company now has special programs designed to help those with bad credit get loans for home purchases.
If you have a steady job and a steady income, if you have worked in the same field for two years or more and if you are able to put 10-20 percent down on a home, you will find your chances of acquiring a home loan greatly improved, even if you have a very low credit score. Getting a loan from the bank or credit union where you already do business is sometimes easier. There are other things you can do to improve your chances as well.