Buying a house with a bad credit score Is easy when you have the right tools. And that is what this guide will help you with.
The easiest way to buy a house with bad credit is to see if you apply for a government backed loan like the FHA and USDA options. These two loans are designed specifically for people with bad credit scores making them easier to get approved for when compared to a traditional loan with a bank. And if you don’t want a government backed loan, don’t worry, traditional lenders are still an option.
A bad credit score does not have to stop you from buying a home. Lenders like banks look at multiple factors including your annual income, debts you or you and your significant other owe, and any additional assets you have in order to determine if you qualify.
Even if your credit score is below 660, there are multiple options for funding. And the good news is that once you have your pre qualification letter, your credit score will no longer matter and you’ll be on your way through the closing process.
Let’s get your “foot in the door” and review some of the loan options and non-loan ways you can buy a house with bad credit.