Riding a bicycle, getting your first real kiss, getting your first car, these are some of the things you relish in your memories. How about getting ready to buy your first home? Are you ready to add home ownership that to that list? Anxious to make it a dream come true for you and your loved ones? But wait. You have a bad credit history.
That has happened a lot nowadays. Because of these financially troubled times, many have folks have taken a hit on their credit ratings; sometimes because of unemployment or financial investments gone awry. That being the case, there are many lenders out there willing to take on chance on bad credit credit home loan borrowers.
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Yes, your credit score could be holding you back if you range in the fair to poor category. If you have made the decision to finally be a home buyer in spite of your poor credit history, consider that you may have some edge as a first time home buyer. You do have some options to get you and your loved ones into a home of your own. Yes, even with a bad credit history. Following are three pointers you should consider as you get into the home loan market.
Pointer One Be Persistent and Courageous
You already know that if anything is worth having it might involve a little bit of struggle. So the going will get rough when it comes to taking out a first time bad credit home loan. Keep your eye on the prize. Do not be alarmed when you are refused. Take courage, regroup and try again. Do not grab the first lender who says yes. Sensing your desperation, the lender may make you into putty in his hands and charge your usurious interest rates. And, if you find a lender who says that he or she is doing you a big favor because of your credit rating, you have the wrong lender; find another.
Pointer Two: Approach the Proper Lenders
Speaking of lenders, you will eventually find one even with your bad credit history. As noted earlier, many folks are in your shoes and there are lenders who will lend. Focus on lenders who specialize in bad credit home loans. Make a list of at least ten and start making your calls to get a quote. Let the lender know that you are having other lenders give you a quote as well. You could go to a broker and give them some general information and have them come up with a list of lenders willing to execute bad credit home loans. Once you get started, you may find yourself in the middle of a credit rating competition. That would be very nice.
Pointer Three: Combine FHA and non-FHA Lenders
One important thing to do, since you are a U.S. citizen, check out the Federal Housing Authority (FHA) to see if you qualify as a first time home buyer. This could be a way to make it easier to qualify for a loan. But, do not go for only FHA lenders. Your list of lenders should include both to increase your chances of finding the best bad credit home loan. Now, do not stop until you have at least three solid offers in your hand. Make your search for a bad credit home loan work. You can be in your home in a few short months. Then you can start rebuilding your credit by making all your credit payments on time. You could be in a situation to have your home refinanced at a much lower in six to twelve months.
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