Overcoming Past Credit Problems to Become A Homeowner
Are you eager to buy a home but worried about past credit problems? Don’t fret – you’re not alone! Many lenders understand that people deserve a second chance and are willing to help hopeful homeowners like you. Let’s explore some steps to move forward:
Dealing with Credit Blemishes
Late payments, foreclosures, bankruptcies, and civil judgments may have left their mark on your credit report, but they don’t have to hold you back from homeownership anymore.
Rebuilding Your Credit
After a credit setback, show lenders you’re working to improve by establishing a positive payment history. Start with a new credit card and be responsible in managing it. Even a secured card can do wonders for your credit over time.
Check Your Credit Report:
Before applying for a home loan, review your credit reports from Experian, Equifax, and TransUnion. You can get a free copy every 12 months. If you spot any errors, file a dispute to have them corrected before talking to a lender.
Saving for a Down Payment:
Depending on your credit history, the down payment requirement may vary. Prepare to save up, as some lenders might ask for a higher down payment. Get in touch with your lender to know the specifics.
Remember, past credit problems don’t define your future. With dedication and some financial planning, you’ll be well on your way to becoming a homeowner!
Contact Katie Caragio, Top Bay Area REALTOR®:
Phone: (415) 646-1344
KW ADVISORS • Keller Williams
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