| Bad credit can happen for all sorts of reasons, | | | | One way to own a home with bad credit is to go |
| and they don't all stem from laziness. People can | | | | straight to the source. Many homeowners are |
| get in accidents, fall to the mistakes made in their | | | | willing to sell you a home under a selling finance |
| youth, get sick, become hospitalized, and move | | | | agreement. This agreement provides a "contract" |
| where there is poor mail service. Then, | | | | that allows you to make payments to the actual |
| sometimes, circumstances change, people grow | | | | seller instead of making payments to a bank. |
| up or recover from their misfortunes, and they | | | | Another option when buying through a seller, |
| find themselves destroyed by bad credit. It is | | | | especially if a down payment is not an option, is |
| hard to find someone who doesn't want to be a | | | | to find a seller that is offering a lease-to-buy |
| homeowner; there is a sense of security that | | | | option. When you do a lease option, you will have |
| comes with owning a home that belongs to you. | | | | to work out the math ahead of time to |
| However, it is hard to close the gap between bad | | | | determine how much rent is going for a down |
| credit and owning a home. The question then | | | | payment, and after a certain period of time, how |
| becomes, can you buy a home with bad credit? | | | | much credit you are going to end up with. |
| The easiest way to own a home with poor credit | | | | When you own a home there are many ways |
| is to try your best to get your credit back on | | | | that your home can make money for you. If you |
| track. If you can pay 2% on the mortgage loan | | | | continue to keep up with your payments and |
| interest rate, you will be saving over $70,000 | | | | send them in a timely fashion you can increase |
| throughout the years. The best thing is to order a | | | | your credit rating. This in turn can help you when |
| free credit report and to go over it with a fine | | | | you make the choice to refinance your home. |
| tooth comb. If you find any disputes that you | | | | Refinancing your mortgage can give you more |
| want to take up with creditors, dig up your | | | | money to use towards paying off other debts as |
| receipts, and write some letters trying to | | | | well. In this way you lower your house payments |
| straighten out whatever is being falsely claimed. | | | | and erase some of the other debts you may |
| The law states that the credit agency will have to | | | | have all in one shot. |
| address the dispute within 14 days or they will | | | | Becoming a homeowner is a gratifying decision, |
| have to remove the disputed item completely. | | | | but it can also be a taxing one. Make sure that |
| After all of your disputes have been settled, you | | | | you don't become overzealous when trying to |
| should insist that there be a new (and corrected) | | | | pick out a house to purchase. Don't try to live |
| report sent out to all of the creditors who have | | | | beyond your means, especially when your credit |
| received your report in the last six months. The | | | | is less than ideal. Buy a house that is big enough |
| process of having the corrections sent out is | | | | for what you need, but cost efficient enough that |
| laborious, but it could mean a greater chance of | | | | you don't find yourself in greater financial strain. |
| you owning your own home, so be persistent. | | | | |