If you want to buy a house, then getting approved for a loan is easy if you have excellent credit scores and a stable job. But what if you don't have good credit, even if you have steady employment? You should be able to get a home loan too!
Even if you have poor credit, you are still in the game.
Don't worry if your credit is less than stellar right now. If you can provide proof that you have a steady job, with a steady paycheck, then most loan officers or mortgage companies will be willing to lend to you, no matter your current credit score situation. In fact, they probably have a program that will work just for you.
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Most loan companies want to know that you will be able to pay your mortgage on time and that your debt to income ration is not too high. If your debt to income ration is within a certain range, then they will more than likely be able to work with you. Don't feel bad if you have to search for a company that offers bad credit or poor credit home loans; there are a lot of people just like you who are doing the same thing.
If you have had credit issues because of late payments, charge-offs, collections or because of other issues, then the best thing for you to do is to lower the existing balances on your existing credit cards. This will show a potential lender that you are serious about getting a home and are even more serious about not getting into further credit card debt. If you can bump up your credit score even a little bit, then most lenders will look at you favorably. And even if the improvement is minimal, it could mean the difference between being a homeowner and not being a homeowner.
There will be a few challenges.
Just because you have improved your credit rating a little does not mean that you will get a loan on your first try. Your potential home loan company will check your credit score with the three credit bureaus. If there are too many inquiries on your credit report, then this can lower your credit rating so it is best to finalize which lender you want to go through before you have them pull your credit.
If you are trying to get a home loan, expect to have a higher interest rate than you normally would if your credit was good. But, you have resources right at your fingertips, so you can always shop around for a home loan company which will do right by you. A few percentage points can mean all the difference on whether or not you can afford a home, especially when you have bad credit. You need to compare and contrast the different loan programs you are being offered by the different lending companies so you don't get put into a loan program that will hurt you and your family later on.
Don't get into a worse situation by choosing a home loan program that locks you in for a short amount of time at a certain interest rate and then jumps up after a few short years. Sure, those programs sound nice, but if you can't afford the loan at the higher interest rate, then your credit rating will become even worse. And you don't want to lose your home because you didn't read the fine print and now you can't afford to pay your loan.
You can rebuild your credit rating with a bad credit home loan.
If you have been approved for a loan, this is the opportune time to be able to rebuild your bad or poor credit. In the future, if you want to refinance your house or cash out some of the equity for home repairs or a trip, then you should be able to do so without a lot of hassle and heartache.
If you find yourself in need of cash for an emergency or you want to use the equity in your home to pay off existing debts, you should first try your local banking institutions since they may have good programs for you. Don't try to get into a home that you know you cannot afford. If you make $40,000 dollars a year, you cannot possibly afford a $500,000 dollar home. Economically speaking, it just does not compute. Be smart and find a home which you can afford on your current salary. This way, if you should get a better job or your financial situation improves, you can get something else, later on.
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