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AdvertisementGetting a home loan with bad credit has honestly never been easier than it is today. Here are some tips to help enhance your chances of success:
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Find A Good Real Estate Deal - If you can find a property that has some equity in it when you buy it, you may have an easier time getting financing on that property. To the lender it may be roughly as good as if you had some kind of down cost on the property. Some lenders will consider the properties loan to value ratio when they consider the loan. Talk to your mortgage broker and see if this factor could help you get qualified.
Try Creative Financing - See if the seller would be willing to carry back a second mortgage on the home. This is where you set up a compact or bargain with the seller that you will pay them monthly payments, along with interest of, let's say, 0/mo on ,000 dollars of the price of the property, as a second mortgage. Then, to make it nice for the seller, perhaps put in the bargain that the entire number is due in full within 2 years or something. That should give you plenty of time to refinance and then the seller doesn't feel constantly locked into the contract.
Save For A Down cost - There are lenders who may be able to qualify you for 100% financing, even with low credit scores, but your interest rate will be much lower if you can put even 3-5% down. If possible, try to save as much as possible for a down payment. Sometimes it may be best to wait about 3-6 months to get into a new home loan if it means the divergence of having a down payment. The interest rate could be quite a bit best because of that factor. However, if you don't want to have a down payment, you can always refinance later for a lower interest rate.
Shop nearby - There are some mortgage brokers out there that you will talk to who will say, "I can't help you, and if I can't help you, no one can help you." But, if you persist in talking with other brokers, 10 minutes later you could be talking to person who knows a way to help you, no problem. Most brokers feel that if they can't help you, no one can. However, the ironic thing is that each broker is discrete in the types of loans they can do. Some brokers have relationships with flexible mortgage lenders and others do not. I advise applying online to mortgage services that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can analyze offers from multiple lenders. To see our list of recommended bad credit mortgage lenders, visit here recommended bad credit mortgage lenders
Improve Your credit Score - There are some honestly easy ways to enhance your credit score without spending too much time at it. All 3 major credit bureaus now have areas on their websites where you can dispute incorrect items on your credit. The process is very quick and easy. Make your current payments on time to help your score. Keep your number of credit inquiries down. Too many inquiries can hurt your credit score. If you want to buy a house, don't apply for any credit cards, auto loans or any other type of loan if you can avoid it. For your reference, here are the links to all 3 major credit bureau's websites: www.abcloanguide.com/credithelp.shtml
If you honestly do want to get into a home, don't let bad credit stop you. There are lenders out there who can help you, it just takes some persistence. Apply with multiple lenders. Like I said, apply with mortgage services that specialize in bad credit mortgage loans and will submit your application to multiple lenders with only having one credit inquiry.
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