Buying A House With A Low Credit Score

If your credit problem isn't too serious, you may still be able to get a traditional loan. First, you should correct any errors on your credit report, and challenge any entries you think shouldn't be there. This is your legal right. If you can get it changed, then once those changes are reflected in your credit score, you may be able to apply again and get a loan for that home.

You also can go only to lenders who hold their own loans "in house." This means they don't sell them into the secondary market, which means the loans don't have to meet certain requirements. A bank which holds its own loans can make their own rules (to an extent). Ask around to see if some of your local banks or credit unions keep mortgage loans in their own portfolio. Few do these days, but some still do. It pays to ask.

A more creative way to overcome bad credit is to buy a house with another person. This isn't only for married couples. Any two people can buy a home together, and the lender will look at both credit histories. It might be tricky to buy a house with a friend, but it can be better for both compared to renting. For example, you might have a down payment, and your friend could have good credit. You could agree to sell the home five years later to recover your down payment and each of your respective shares of the equity that is built up from appreciation and the paying down of the loan.

Seller financing is another way to buy when you can't get a loan because of bad credit. Some homes have sold without credit checks and even with nothing down by sellers who financed the purchase. Their motivation is usually to get a higher price and/or to sell a problem property, but this doesn't rule out a good opportunity for you. When sellers don't offer terms, find out if they own their houses free and clear. If so, you could make an offer that involves payments to the owner rather than getting a loan from the bank.

Real Estate: It's a Buyer's Market

It's a wonderful time to be a home buyer. An opportunity like this comes around every eight to thirteen years. Whether you are a first time home buyer, an investor; or if you have been part of the real estate market for the last several years and were hoping to move up, now is the time!

To start with, we have a huge inventory of homes on the market right now and sellers have come to realize that in order to sell their homes they have to price out their competition. This is quite a turnaround since from 2003 through to mid 2006, it was tough to find exactly what you were looking for in a home. The inventory was scarce, and if you found a home that had a few features you liked; you had better write an offer right then and there or it would be gone by the afternoon! Buyers were on a frenzied buying spree to purchase a home before someone else got it. It created a huge sense of urgency and many buyers settled for less than they wanted in a home. Thankfully that day is gone for now.

Buyers can now negotiate great deals on homes, warranties, and seller paid closing costs. And with house inventory being so high there will be some great deals to be had. Foreclosures and short sale homes are very often a great buy, but new legislation will coming into effect to protect distressed sellers from being taken advantage of make now the wise time to insure that you don't miss this buying opportunity.

The importance of being prepared when buying a home cannot be overstated. Being pre-qualified for a certain loan amount with a reputable lender is a must for two reasons: First, you know how much home you can afford; Second, you are in a stronger buying position. Your offer will be viewed more favorably if it is accompanied by a pre-qualification letter.

So find yourself a great lender who will find the best loan for you. And last but not least good luck on finding the best home for your money!

We can help you with that last one. Contact us and let us show you exactly why NOW is the time to buy real estate.

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