Buying a Home With Bad Credit

Have you put your dreams of homeownership on hold because of bad credit? The truth is, you don?t have to. While it may take a little more effort on your part, it is possible to buy a home even if you have a low credit score. Bad credit alone does not make you ineligible. If you?d like to buy a home despite your bad credit, then here?s what you need to know.

What is bad credit?

Did you know that there actually isn?t a specific credit score you need to have in order to qualify for a home loan? Conventional lenders are able to set their own requirements, which can vary from place to place. Loans that are backed by the government do have minimum requirements for credit scores, but they tend to be much lower than conventional loans (typically around 580). The only time you may truly have difficulty qualifying for a home loan is if your score is 500 or below.

Improve your credit score

Obviously, if you have poor credit you?ll want to improve it as much as you can before you begin searching for a home. The first thing you should do is order a copy of your 信用报告 and check it for errors. Your score may be lower than it should be simply because there?s a mistake on your report. Take the steps needed to fix the error before you apply for a loan. Once you?ve done that, work to improve your credit score by making payments on time and paying off debt.

付现金

Cash is king. If you have bad credit but a good amount of cash saved, then you can turn your dreams of homeownership into a reality. The more money you have saved to put toward a down payment, the better. This is because you?ll likely be approved for a lower loan amount with your bad credit. You?ll be able to afford more when you can offset the loan with cash reserves. 

Shop for loans

There are loan programs out there that are geared specifically toward buyers with less-than-perfect credit scores so you should shop around. These include:

• FHA贷款 — These loans are backed by the Federal Housing Administration. You can qualify with a score as low as 500. But be aware you?ll be required to make a larger down payment as a result.
• VA贷款 — These loans are backed by the Department of Veterans Affairs and are available to members of the military. There is no official minimum score required to qualify, but they generally look for scores of at least 580.
• 美国农业部贷款 — These loans are backed by the United States Department of Agriculture and are available to those in rural communities who meet other requirements. These loans typically require a score of 640 to qualify.

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Don?t let your bad credit keep you from making your real estate dreams come true. If you?d like to buy a home with a low credit score, then contact 代理公司 要么 代理商信用修复 在 949-791-8160 要么 [email protected]. Let?s open your world to new possibilities!