There are any number of reasons that you could end up with poor credit and not all of them come from being lazy or cheap. A bad accident or illness, hospitalization, the loss of a job or bad choices in a your younger years could all be the basis for having bad credit in your adult years. The events might have happened years ago and the you may have since repaired their ailing credit; however that stain remains and makes future purchases difficult. Now that you’re older and wiser you find that you want a new home. Can you buy a new home with your bad credit?
The easiest way to own a home with poor credit is to try your best to get your credit back on track. If you can pay 2% less on the mortgage loan interest rate, you will be saving over $70,000 throughout the years.
The first thing is to order a free credit report and to go over it with a fine tooth comb. If you find any disputes that you want to take up with creditors, dig up your receipts, and write some letters trying to straighten out whatever is being falsely claimed. The law states that the credit agency will have to address the dispute within 14 days or they will have to remove the disputed item completely.
After all of your disputes have been settled, you should insist that there be a new (and corrected) report sent out to all of the creditors who have received your report in the last six months. The process of having the corrections sent out is laborious, but it could mean a greater chance of you owning your own home, so be persistent.
One way to own a home with bad credit is to go straight to the source. Many homeowners are willing to sell you a home under a selling finance agreement. This agreement provides a “contract” that allows you to make payments to the actual seller instead of making payments to a bank.
Another option when buying through a seller, especially if a down payment is not an option, is to find a seller that is offering a lease-to-buy option. When you do a lease option, you will have to work out the math ahead of time to determine how much rent is going for a down payment, and after a certain period of time, how much credit you are going to end up with.
You can dramatically raise your credit score by owning a home and making timely payments. Eventually there will come a time come when you want to refinance your house. Doing this can lower your payments and a good credit rating can improve your chances more than 95%. This might enable you to make some money too and pay off some other debts. Most homeowners will refinance the house to do exactly that. On the other hand, owning a home while you have a low credit score might make your interest rates a little higher than most.
Becoming a homeowner is a gratifying decision, but it can also be a taxing one. Make sure that you don’t become overzealous when trying to pick out a house to purchase. Don’t try to live beyond your means, especially when your credit is less than ideal. Buy a house that is big enough for what you need, but cost efficient enough that you don’t find yourself in greater financial strain.
Getting a Loan with Bad Credit
Personal bad credit loans are increasingly popular these days. A poor credit history can happen to anybody, at anytime. Perhaps you need a bad credit loan because you missed some payments on a previous loan, got into mortgage arrears, had a County Court Judgment against you, or had problems with your credit cards.
Perhaps it was due to circumstances outside your control, because of a divorce for example.
In the past, having a poor or adverse credit rating would have made it almost impossible to get a loan. More and more lenders have come to realize that bad credit isn’t the end of the world and have developed a wide range of bad credit loans for people regardless of their financial circumstances. At the same time, as more and more people have credit problems and the demand for bad credit loans increases, interest rates are more competitive than ever.
Just because you have a bad credit record it doesn’t necessarily mean that you won’t be able to get a personal loan or consolidate your debt. If you have a bad credit rating and have had problems with repayments in the past, personal bad credit loans are available TO YOU!
We can bring that security back to your life! A personal loan can give you the freedom, for example, to do the home improvements or buy the new car you really want. It can also consolidate your debt into one easy payment at a lower interest rate.
A personal bad credit loan is a low cost loan to use on whatever you want. You can use a personal loan for almost any purpose and just like almost every other American, you can do it with bad credit as well. But you don’t have to do it alone!
Spiraling debt can be incredibly debilitating, and even more frustrating when you’ve been determined to pay your payment each month, only to see the balance barely moving. Millions of Americans are now realizing the agony of high-interest credit card debts and are unsure of where to turn. What is the solution? A debt consolidation loan.
A debt consolidation loan or refinance package can help you get a handle on that debt for good. You can finally consolidate those high-interest debts into one loan, and with one low monthly payment you can save hundreds or thousands of dollars!
The time is now to take advantage of some of the lowest rates in history, before they’re a thing of the past! A debt consolidation loan can help you break that endless cycle of debt and can help pave the way towards financial freedom for you and your family. Find out how much money you can save today.
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