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Can You Buy A House With Poor Credit?

Not everyone has great credit. Some people make financial decisions that have long-lasting consequences, and plenty of people have to rely on things like debt in order to simply survive. Even once the lean years are over, your credit rating can reflect those decisions, and it can pose some trouble when it comes to making big purchases or applying for loans, such as getting home. But does it make it impossible?

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Look to the state for a loan

Depending on where you are, banks and other private lenders might not be the only ones you should be considering when you’re looking for a loan. State organizations might be able to provide a loan depending on your circumstances, which is especially true for veterans, low-to-moderate income families in some places, and those who work in agriculture. Check your relevant government body to see if they have any loans you can take advantage of.

Ask for some help

If you’re not eligible for a loan designed specifically for you, you might still be able to borrow effectively with the help of a friend or a family member. In particular, you can ask someone to be a cosigner or a guarantor on your loan. They have to have good credit, themselves, and be able to cover the cost of a loan in the case of missed payments. This is a big responsibility for another person to take on, so don’t expect an easy agreement.

Get to fixing your credit score

If your credit is bad, then one of the best things that you can do is to start to repair it. Go to the site of one of the big credit agencies, like Experian, and get your free credit report if you haven’t gotten it this year. You should be able to see a record of the various marks pulling your credit score down. Some of these, you might be able to fix or correct if they’re erroneous.

Always look for the best loans

Regardless of your financial situation, you’re more likely to find the home loan that’s better suited to your needs with a little bit of market expertise on your side. With the help of companies like Mortgage Quotes, you can benefit from the experience of those who know the markets, and ensure that you’re seeing all of your options. There may be more who are willing to lend to you than you might realize.

Consider renting for a while instead

While it might mean putting off your dreams of owning a home for a while, yet, you may want to consider renting for a while so you have time to get your credit situation sorted out. There are no credit check apartments that might be a good fit for you, allowing you some time to improve your finances.

It is far from impossible to get a loan when your credit isn’t all that great. You should consider looking for some help, be it a state-backed loan or a cosigner, or simply work out the mortgage that’s best for you.


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About the Author

Kaya Wittenburg

Blog Author and CEO

Kaya Wittenburg is the Founder and CEO of Sky Five Properties. Since the age of 10, real estate has been deeply ingrained into his thoughts. With world-class negotiation and deal-making skills, he brings a highly impactful presence into every transaction that he touches.

He is here to help you use real estate as a vehicle to develop your own personal empire and feel deeply satisfied along the way. If you have an interest in buying, selling or renting property in South Florida, contact Kaya today.

Feel free to call me at: (305) 357-0635
or contact via email: