Thursday, May 25, 2017
By Jonathan Gunnels
Buying a Home with Less than Perfect Credit

          One of the major hurdles that buyers have to deal with in the purchasing process is the loan approval.  For some buyers, it can be a roller coaster ride.  While there are no free lunches out here, there are some things that buyers with slow credit can do to improve their chances.  Of course, there are no gaurantees in life except death and taxes.  These are a few provn strategies to putting you on the right track towards home ownership.  If any of these options look promising to you, please feel free to reach out to me.  I will provide you with reputable service providers.

          There are some borrowers who are close to the score requirements.  The answer to their issues could be simply banking money to show the lender that you can maintain a buffer.  They may also require that you pay down some debt.  Of course, they may also require that you have a higher score.  There are many ways to make your score higher, but the important thing is not to panic.  The first step in the process is as simple as to consult your current lender.  They will let you know precisely what is holding you back.  A few examples could be: debt to credit ratio, short/no payment history, bad track record on payments, or collections/ leins/ judgments.  The last two of these could present a problem that could take years to sort out, or could simply require someone with the requisite knowledge on how to deal with creditors.  There are many credit repair agencies which can help correct errors, and bring the scores up.  One thing to consider is that itms on your report that are true will remain on the report, usually.  The main consideration in the credit repair game is to find the right company to handle it.  Many companies make matters worse.  Please reach out if your scores are close and you could benefit from this type of assistance. 

          There are borrowers out there who have credit issues that cannot be sorted out any time soon.  These buyers are in need of specialized assistance, and it is out there.  While there are some issues which must be dealt with on all loan types, the main hurdle is usuallly the score.  DTI, leins, judgments, etc must be dealt with.  There are lenders who simply want the items settled.  They may not have to be paid in full, but rather satisfied.  There are loan programs that do not rely on your credit score.  You read it right...  They do not base your approval on your credit score.  Instead, they look at: recent payment history, cash on hand, and other items.  Another great thing about the program is the rates.  They are usually around a quarter to a half percent below market!  Lastly, the program charges no closing costs from the lender, and no down payment!  There is so much more to tell you about the program, but it is much better for you to see it yourself.

          I was always told that if something seems too good to be true, then it probably is...  I was truly surprised by the program myself.  The program gives you a reasonable interest rate, no closing costs, no down payment, and a genuine chance at buying a home.  If you are ready to get started, then so am I.  Please reach out to me, and I will help you get started.




Jonathan Gunnels, 843-343-6523