Are you tired of your hard earned money going down the drain because you have credit issues and you think that you cannot purchase a home? THINK AGAIN !!!! Most people have things on their credit reports that should be removed. Get your credit cleaned up and get your money to work for you.
Fix your credit- Check your credit. Make sure there is nothing on your report that needs to be removed. If there is stuff out there that needs to be removed, then you can start a dispute online. Or I can help you send some letters to the credit bureau to have things removed from your report. Do not close any accounts. You can pay bills off, which helps. But do not close any accounts. Paid bills looks good.
Purchasing a home with credit issues can be challenging, but it can be done. Apply for an FHA loan. This is a loan backed by the government. If you default on the loan, the government will pay the lender. FHA also has some low down payment and no down payment loan programs. The problem with purchasing a home with a low credit score, is that your interest rate will be higher.
Once you fix your credit and have been paying for awhile, you will be able to refinance and get a better interest rate.
You can also apply for an adjustable rate mortgage(ARM). Each year your interest rate will be adjusted. This will make it difficult to budget and the mortgage may become unaffordable. If you are thinking about an ARM be sure to ask your lender these questions 1) how quickly will the rate fluctuate 2) how often will the rate fluctuate 3) are there limits on the rate increase 4)is there a limit on the increase.
You can get a co-signer. Get a friend or family member to co-sign your loan. If you do not pay the mortgage, then that person will be held responsible. After a couple of years, you can refinance, get a better rate and place the home in your name.
This blog was written by Real Estate By Jane: If you looking to purchase a home, call Real Estate By Jane at 703-606-7963. We are able to help people who have credit issues find their dream homes. We are home buying specialists who know how to successfully help people who have been pushed out of the housing market by job layoffs, divorce, medical illness, etc become home owners again. We also work with first time home buyers and single parents to create wealth by investing in real estate. to inquire about our services, please call 703-606-7963.