Buying a House with Credit Problems
Bad credit? Need to do some credit repair? It happens to many of us. Obligations. Debts. Monthly bills. They all can combine to get the best of you and as a result, credit problems arise. In the not too distant past, this often meant having to wait 5 years, 10 years or more before attempting to purchase a home. Now, however, there are sources that can help those who are doing their best to re-establish a solid credit rating.
Credit Repair
Within 30-60 days we can help you improve your credit, correct issues and derogatory reporting. This will not only help you secure a loan, it will ultimately save you money too! Importantly, because we are not classified as bad credit counselors, but rather as mortgage brokers, it does not appear on your credit report that you underwent counseling if you work with us! Contact us for more details. See our section below on Overcoming Credit Problems to get yourself started on your way to going beyond a bad credit mortgage! Start repairing your credit report today.
We work with several sub-prime lenders which, although their rates may be higher, they are more flexible in the bad credit mortgages which they offer. Choosing the right lender for you will depend on your ratios, what you can afford and what your credit history has shown in the past. We will help you find a program which will make sense for you... one you can afford.
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Overcoming Credit Problems
- Determine precisely what the problems are. You will need to have a clear picture of your current credit status so that you know what to concentrate on. The quickest and easiest way to accomplish this is to run a credit check and begin to analyze it. We have made arrangements with this Click here to get your report. Or alternatively, you can contact us and we will help step you through how to analyze and fix your credit to improve your credit scores.
- If your credit report needs repair, begin the process at once. There are "credit repair counselors" who will, for a fee that is usually in the range of several hundred dollars, help you with the process. However, the credit bureaus report on your credit report if you have counseling and this could affect your score adversely. Or, with the right information at your disposal, you can handle the process with one of our specialists assisting you. See our section on Credit Analysis for more details. We will help you to get a bad credit mortgage, which can be refinanced after a short time and some work on your credit report. This will also help with your credit repair.
- Start by getting the problems under control now. Do not incur any new debt. Do your best to begin to live within your means. This will be an advantage now, when you are applying for a loan, as well as later, when you will need to meet your monthly mortgage obligation. Write down a budget, starting with your net income and deducting the monthly bills and expenses. The simple act of writing things down will inform you of where you hard-earned money is going and show you areas where you could cut back.
- Make a a commitment to a program of saving. Even if you have had credit problems, there are options available for mortgages if you have down payment money available. There is little or no hope if you have both credit problems and no cash. Most lenders look for at least 3 months reserves, i.e. tax and insurance, at closing to cover the escrow funds. They also look at whether you have the ability to pay the mortgage if your circumstances change, for instance loss of employment. So start building a cushion right now. You can also get 'gifts from family to help bolster your assets. Call us for more information on this.
- Concentrate on your needs in housing before your wants. Re-establishing your financial footing is not as difficult as it used to be, but it is impossible if you attempt to buy more house than makes sense. Be conservative! If you would like to know how much can you afford check out our mortgage calculator which will give you a general idea. Then call us and we'll help you achieve your goals!
- Concentrate on those lenders who specialize in working with those who have had credit problems. Spending time (and money) applying to lenders who do not work with credit blemishes will accomplish nothing. We work with both Prime and Sub Prime Lenders who offer a myriad of programs and will help you prepare your finances and improve your credit to get you the best options available.
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Bad Credit Mortgages Cost You More! Begin Repairing Your Credit Today! |
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