Find Out How To Buy A House With A Bad Credit Score

Buying a home is integral to the “American Dream,” but it is increasingly out of reach for many hard-working adults.

The property market has been highly competitive over the last year because housing supply has shrunk dramatically.

While most of the older generations will have their own homes through retirement, less than half of the largest group in the workforce – Millennials – think they’ll have that same luxury.

A traditional mortgage is usually a fixed-rate loan, so the interest rate never changes. Although this is the kind of loan people typically think of, it’s only ideal for people with a credit score above 620.

Mortgage Options

Step-by-Step Guide for Buying a Home With Low Credit

Do What You Can To Raise Your Score

Unless you’re in a rush to buy a home immediately, take some time to improve your credit score as much as you can. Five factors determine your score.

You can sign up for a credit monitoring service to help you keep track of it all. An app called SmartCredit offers a paid service and is one of the more helpful options.

The best person to go to is a Department of Housing and Urban Development (HUD)-approved housing counselor.

Talk to a Professional

The government trains these counselors, specifically the Department of Housing and Urban Development. Their job is to help you find affordable, quality housing.

If you can get into a course locally, it should be free. You can also do it online at your own pace. However, there will probably be a charge for this.

Enroll in a Homebuyers Workshop

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Enroll in a Homebuyers Workshop