Purchasing a Home with Bad CreditApril 29, 2016
Congratulations! You have decided to start searching for homes for sale in Destin, Florida. Buying a home is a great way to build equity, and buying one on the Emerald Coast is without a doubt a solid investment strategy. There’s only one problem, your credit score is less than desirable. So, how does someone with “troublesome” credit attain homeowner status? Here are a few tips that might help those with a below average score.
(1) Get you credit report and don’t stop studying it. Look for inaccuracies and have them corrected. Is there anything listed on your report that you could clean up and cross off?
(2) Shop around. You don’t just buy a car, you visit a few area shops and dealerships until you find someone who is ready to make a deal. Treat your mortgage the same way. Call a few brokers, explain your situation and know thatÂ the right broker can help you find a loan that fits your requirements.
(3) Don’t be discouraged. The loan approval process is arduous, taking in a several number of factors, including income, debt levels, past history and current financial obligations. It’s to your advantage to address each of these items the best you can, all the while keeping in mind that almost no one has a perfect credit score.
For more tips and tricks on how to buy a home, contact a RE/MAX Southern professional today!