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Bad Credit
Like millions of Americans, your credit is probably less than perfect. But that doesn’t mean you can’t buy a home of your own. There are ways to work around those glitches in your financial past. First, get a credit report from one of the national agencies lenders use. The companies are Trans Union, Equifax and TRW. The fee for your report is about ten dollars or free in some instances. The report details exactly what payment problems a lender will see when considering you for a mortgage. Next, verify all the problems on your report are actually yours. If not, notify the credit report company. Typically, it will take about a month to remove the incorrect data from your credit report. Now concentrate on the problems which are yours. If there were extenuating circumstances surrounding any late payments, you can explain your situation to your creditors and they may decide to change the way they reported your payment history. A lender will evaluate how long it’s been since you’ve had trouble paying your bills. If it was years ago, a lender may decide you’re a good risk. If it was fairly recently, you might qualify for a loan at a higher interest rate and then be able refinance once you’ve gotten a few years of timely payment under your belt.