Although people have many reasons for not buying a house, not wanting a home loan is rarely one of them. A low credit score is the typical reason people don’t get a home loan. Some contributors to a low score are poor credit history, high debt to income ratio, or not enough available credit. Getting a home loan under these conditions is difficult but, it’s not impossible. However, it does take time and discipline to do so.
Signing up with a good credit repair program is a great way to get your score up while taking care of the issues that caused the problem in the first place. Some of these programs will cost you a fee to get started but the benefits far outweigh the cost. On top of startup fee, there may be a budget you’ll have to stick to if you want out of debt in a specific amount of time.
Then in 2016, Stacy talked me into getting my real estate salesperson license. Now, I still maintain TRS but I'm also an agent at his brokerage, New Millennium Realty in Reynoldsburg, Ohio. Stacy has worked hundreds of transactions and is a member of the $1,000,000 club. In other words, he really knows his stuff in real estate. When he came to me about the New Build Central concept, I wanted in. Finally, we've found another way to work together to help people accomplich their goals.
On occasion the reason for the low credit score involves bankruptcy or foreclose and often times, both; but this isn’t the end of the world either. The problem is, when bankruptcy or foreclosure are involved, people tend to forget about home ownership and simply don’t explore their options. What they don’t know is, with bankruptcy, you may be able to buy again in as few as two years; three years if you also have a foreclosure. The type of loan is important. It’s what determines the length of time needed as well as any other requirements when bankruptcy and foreclosure are involved. Check out our FAQs for more on this subject.
Fixing your credit in this case isn’t all that difficult either. Under the right circumstances, your credit could bounce back faster and better than it was before the problems began. There are hundreds of credit companies who will give credit to “high risk” borrowers for a higher than normal interest rate. One trick is keeping the debt to total credit limit at 70% available credit and not getting too many cards. This is just one tip; completely repairing your credit regardless of the circumstances, is a more involved process.
If you need help fixing your credit in the hopes of buying a home, we can help. We can connect you to people with proven experience in credit repair and money lending. In fact, the two teams we recommend can help you with both credit repair and a home loan. This is an advantage over other credit repair places because you’ll have a clear-cut focus with your repair options. They can show you exactly what you have to do to get your score within acceptable limits and even help you stay on track towards that end.
If you need help restoring your credit to purchase a home, do not hesitate to contact us. We have people who can help regardless of whether you’re interested in a new build or used home. Make sure you let us know which one you’re interested in so we can get you to the right people.