How to Qualify for a Home with Bad Credit
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How to Qualify for a Home with Bad Credit
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Home Page > Finance > Credit > How to Qualify for a Home with Bad Credit
How to Qualify for a Home with Bad Credit
Posted: Jan 28, 2012 |Comments: 0
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Charlotte, North Carolina
With home prices being lower than they have been in the past 10 years now is the time to purchase a home. The only reasons that can keep a potential buyer from trying to purchase a home would be credit, down payment or job history. Those are the only three reasons that keep buyers from owning the American dream. There are a few ways to alleviate those burdens and one way would be to rent to own a home that you like.
Rent to own is how to get into a home of your choice regardless of credit issues. When ever a buyer gets into a lease with the option to buy home, they can lock in today’s price which is very logical because home values won’t be low forever. Looking at the numbers of homes sold over the last couple of months the stats shows an increase which means that home values are sure to go up as well. While prices are low you can buy more home for the same price or get into that neighborhood that you want too.
Another reason rent to own is the best route to go is that you normally pay a little more than you would on mortgage so lenders realize that if you can afford to pay more timely payments for a set amount of time on time then your chances of getting approved improves your chances. Also with a lease option you get a rental credit usually a couple hundred dollars per month if you make your mortgage payments on time so on top of the option fee (down payment) that you use to lock in your price. With the rental credits and option fee being applied to purchase your home then you will most of the time have a couple of thousand more to put down that a lender will require. Look at it like this, the money that you are paying to rent is like putting money in the bank because if you fulfill your obligations then you will be rewarding when it’s time to purchase the home.
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The best reason to go the rent to own route if you have bad credit or spotty job history is that it gives you to time to work on your credit. You can pull your credit to see if there are any inaccuracies on your report and if there are then you can dispute the items which can possibly improve your credit score. Plus if you work on making payments on time with all of your bills while you are in the lease option program then you improve your chances of qualifying for a loan a lot faster.
However if your credit is very tarnished then it would be wise to consult with a credit repair company during your rent to own term so you can get your credit re-established a lot faster. There are some reputable credit repair companies that charge a nominal fee so you can pay as low as a couple hundred dollars to have some items deleted from your credit report.
So if you didn’t know how to purchase a home because of bad credit you now have a few options to get into a home in the next few weeks and lock in the best prices that the market has seen in a long time. The housing market won’t be down for long so it’s best to get into a home now to get the most house in the best neighborhood. Once prices go up, then potential buyers will possibly get locked out of their neighborhoods of choice if prices rise10-20% over the next few years.
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About the Author:
Dante Mazyck is the aquisitions manager for a web based company that buys houses in selected areas of the USA’s mainland. Mr Mazyck also heads up the real estate bird dog division which is in it’s beta testing. The program is designed to provide information to local partners through a process can being a bird dog. The real estate bird dog sniffs out deals for the investor to sift through for a quality leads.
If you have bad credit and would like to purchase a home go to Rent to Own. Charlotte’s Bargain Houses is the sister company of We Buy Houses.
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