I Want to Buy a House - But My Credit Is Not Good.

If you are interested in becoming a homeowner but not sure about your credit history, this article is for you.

America is experiencing a major financial correction. The economy is in a state of shambles from extending too

much credit to sub-prime buyers, people with imperfect credit. Be aware!

In its current state, our economy is trying to re-gain profits and re-cap losses on past loans to people just like

you!

Don’t think that because you’ve been through a bankruptcy, a foreclosure, a judgment – any of the worst things that

can happen to your credit – you will be denied a mortgage. The fact is, you may be approved. Banks don’t want you

to know that all mortgage loans are far from fair or equal.

The issue of your credit can seem shrouded in mystery, often it appears impossible to understand. This is no

coincidence!

In reality, your understanding of your credit score and history isn’t difficult at all, once you know a few things.

First and foremost, there are three separate companies which all do the same thing.

All of your private data containing the history of what you’ve used credit to buy is housed under three sets of

roofs, with three separate (and uniquely formulated) tabulations or scores. Various lenders will use these to

decide “how fair” or reasonable a mortgage to extend to you!

All three scores are typically NOT the same, in part, because your history will also vary on each report!

Errors occur when agents mis-type a social security number, when they up date their files. If you’ve ever dialed a

wrong number, you know how easy it is for these agencies to put a late payment, a collection status or even a

bankruptcy on the wrong credit report! I’ve heard estimates as high as one in four American’s credit reports have

one or more errors.

Regardless of your credit score, it’s time you realize how BIG an impact it will have on your decision to buy a

home!

We’ve seen some really low scoring home-buyers who’ve qualified for the worst rates, high closing costs (really BAD

deals, costing $100’s more than those with higher scores).

People back away and spend 6-12 months with a credit repair lawyer, or even with a do-it-yourself kit, and clean up

their credit history. The funny part is buyers typically have to be persuaded to do this! They think it’s too

expensive, too difficult or they don’t want to take the time.

My answer to all these objections is simple: what could be more expensive than paying hundreds too much on a home

every month for the next thirty years.