How To: Find Help to Buy a Home When Your Credit isn't Great
One of the biggest issues that buyers face is the dreaded credit score. Many people are finding that their credit score isn't as high as many mortgage lenders say that it should be. So what do you do? Here are some tips on "How To: Find Help to Buy a Home When Your Credit Isn't Great."
- Consider continuing to rent while you save for a sizeable downpayment. The larger your downpayment, the less you'll need to finance. It is often easier to get financing on a smaller amount of the home.
- Consider continuing to rent for a year while you work on cleaning up your credit report. You will be amazed at the difference one seemingly small correction can make to your credit score. There are many credit counseling agencies in and around Silver Spring, Maryland who can help you with this process.
- There are many federal mortgage programs that you may be eligible for. Many FHA loans have low down payments and closing costs and have more lenient credit qualifications.
- Check into some local homebuying programs. There are many programs available through HUD and other agencies to help you buy a home.
The most important thing to do is to contact us! An experienced real estate professional is your most direct route to the best programs, services, and advice you need to buy the home you want. This is a great place to live, work, and play!
Emcee Arah
RE/MAX Excellence Realtor with Architectural Dimension
Serving all your Real Estate needs in MD, VA & Wash., DC
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