I Have Bad Credit – Can I Buy a Home?


Buying a home with bad creditPurchasing a home is a dream for many people. Whether you are an individual or raising a family, home ownership is a great way to build wealth. However, it generally takes a good credit score to get a home loan. Here are five things to consider if you are looking for a home loan with bad credit.

1. Put More Money Down On The Home

Most banks require at least 10 percent of the purchase price upfront. Putting down 20 percent of the purchase price shows you have the means to make timely payments.
Coming up with more cash also lowers the risk your lender is going to take. Giving you a loan for $80,000 is less risky as opposed to making a loan for $100,000.

2. Think About A FHA Loan (more…)

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Buying a Home with Bad Credit

Buying a home with bad credit - Paramount Equity®

Buying a home with bad credit - Paramount Equity®There are many things which can lead to bad credit. Perhaps you missed payments to your credit cards because you were on furlough. Perhaps you moved around apartments because you were deciding on where is the best place for you to settle down. No matter the reason, bad credit does not have to sideline you from buying a home. There are ways for you to become a home buyer.

How to Buy a Home with Bad Credit: Loan Options

You can get a home loan with bad credit. The catch is that your interest rate may be higher than if you had good credit. Bad credit makes you look like a risk for the bank. While you may have been down on your luck or just going through some growing pains, the bank needs to protect its loan to you. If you are able to afford paying back a bit more, then (more…)

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How to Buy a Home with Bad Credit

How to Buy a Home with Bad Credit - Paramount Equity®

Many of the advertisements around today make it sound like having bad credit is the end of the world. While it’s not great to have bad credit, it certainly does not mean you have to stop living. There are plenty of options available to people without ideal credit, you just need to know how to handle your credit choices moving forward. Here’s how to buy a home with bad credit.

Why is your credit bad? 

The first thing to establish when you are trying to figure out how to buy a home with bad credit is why your credit is bad to begin with and how you can ameliorate it. If you have foreclosed or claim bankruptcy, know that the mark remains on your credit report for 10 years. If you have had to deal with collection accounts, those remain for 7 years. Minor incidents (more…)

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Renting with Bad Credit

Renting withbad credit -Paramount Equity®

A bad credit history can be a pain at times. Bad credit ratings do not just pose a problem when one tries to get fresh credit, bad credit has a way of playing truant in almost every effort to secure fresh credit in the future – and trying to get an apartment is a form of securing credit too. The landlord, or broker, is hoping to collect rent every month – and if you have a bad credit record, well, you just may not be able to honor your commitment to pay the rent as well. This is why real estate brokers and landlords prefer to check an applicant’s credit records before signing a rental agreement.

So, if you are in the red and already have a bona fide bad credit history, how do you go about renting with bad credit?

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