"Bad credit" to me, as a loan officer, has two facets. First there are the actual credit scores, and second are the items that caused the scores to be what they are. In order for you to get a home loan, you need to get an understanding of both factors, and then take the necessary actions that will make things better.
If you think I can help you do that, please let me know.
Scott Miller, Realty Associates, Boca Raton, FL
Home ownership carries tremendous responsibility and tremendous potential pitfalls, especially in these tough times, if you are financially over your head.
Also keep in mind that even if you can get a loan, if your credit score is low, your mortgage is likely to cost you more, perhaps a lot more.
Be patient, improve your credit, save money and increase the length of your employment history. All of these things will ensure that when the time is right, you will truly be ready to buy.
Many people feel their credit rating is worse than it really is......we recommend contacting a loan specialist to find out about your credit rating and whether or not you can qualify for a loan.
People that can not qualify for a home loan are often seeking other avenues to fulfill their financial needs. Seller financing and lease options are two popular alternatives that are producing results for some individuals.