Yusra3
VIP Contributor
Buying a house with bad credit can be a challenge. It's not as easy as walking into a mortgage lender and asking for the most expensive, most risky loan available. There are steps you need to take before you even get to that point.
Here are 3 tips for buying a house with bad credit:
1. Don't rush into it. it may take several months of careful research and planning before you're ready to make an offer on your dream home.
2. Do your due diligence by looking at past debt and tax liens, bankruptcy records, and other information that will help you determine what kind of financial risk you're taking on when purchasing a property with bad credit.
3. If possible, get pre-approved for a loan before making an offer on the property so that once you've negotiated terms with your seller, there won't be any surprises at closing time about how much money is needed in order to close escrow on the property within 30 days or less from today's date (if possible).
Here are 3 tips for buying a house with bad credit:
1. Don't rush into it. it may take several months of careful research and planning before you're ready to make an offer on your dream home.
2. Do your due diligence by looking at past debt and tax liens, bankruptcy records, and other information that will help you determine what kind of financial risk you're taking on when purchasing a property with bad credit.
3. If possible, get pre-approved for a loan before making an offer on the property so that once you've negotiated terms with your seller, there won't be any surprises at closing time about how much money is needed in order to close escrow on the property within 30 days or less from today's date (if possible).
