How to get a loan with bad credit? Palm Harbor Home Inspector will tell you how.
Put your fears about buying a home with bad credit aside. Just because you have bad credit or filed bankruptcy or gone through a foreclosure does not mean you cannot buy a home. You most certainly can buy a home with bad credit. But you’re going to pay more than a borrower who has sparkling credit.
Many potential buyers think they can’t buy a house if their credit has tanked, but that’s not necessarily true.
There is hope for those who really want to buy a house, even if their credit is dismal. Let’s look at how.
Know Your Credit Score and Know What It Means
Lenders know your credit score, and you should too. When you’re applying for a loan, that three-digit FICO score is going to play a big role in whether or not you’re approved. If you don’t know your FICO score, there are plenty of ways you can find it. You can sign up for a company like CreditKarma.com; you can ask your bank if they provide free credit scores; you can even request one directly from FICO themselves—though they’ll make you pay for it.
So how can you find your credit score? And once you know it, how can you improve it? to learn if you have bad, fair, or good credit—and then, what you can do about it!)
Once you know your credit score, you’ll know how a lender will “judge” you. Typically, they classify borrowers according to the following categories:
720-850 – Great Credit
680-719 – Good Credit
630-679 – Fair Credit
550-629 – Subprime Credit
300-549 – Poor Credit
If Your Credit Is Bad, Build It
Here’s the truth: Bad credit can mean that you’re going to have to pay more for a loan. It’s as simple as that. However, your credit score isn’t written in stone. If your credit is currently lower than you’d like, the best thing to do is build it up before taking out a loan.
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