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Buying a Home With Bad Credit, Palm Harbor Home Inspector

By April 26, 2018 July 29th, 2019 No Comments

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.

 

Video Credit Limitless TV

 

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Mike Potts

Mike Potts

After graduating from Michigan State University with a degree in structural engineering, Mike moved to Tampa Bay and soon discovered a need in the community for trained, professional inspectors. Using his training in the field, Mike established Affordable Inspections, Inc. in 1992 and began offering his services to the public – inspecting commercial and residential properties. Taking on not just inspections, but full-on construction projects, Mike made a name for himself as an expert in structural engineering and worked on large commercial buildings in Tampa Bay and Clearwater.