If you really want to buy a home but your credit score is holding you back, there’s good news: you may be able to buy a home in Port Aransas with bad credit.
The Bottom Line on Credit
This isn’t financial advice—we’re not financial advisers. However, you may be relieved to find out that even if you’ve had a bankruptcy or foreclosure, you may not be automatically disqualified from buying a home in Port Aransas.
How is Buying a Home With Bad Credit Different From Buying With Good Credit?
You can buy a home with bad credit, but you’ll most likely pay more than a borrower who has a high credit score will.
Lenders are in business to make money, and they can’t do that without assuming a certain amount of risk. While some buyers need to do major work on their credit reports in order to qualify for great rates, the truth is that many buyers who think they won’t qualify for a mortgage actually will.
After a Foreclosure or Bankruptcy: What You Need to Know
If you’ve had a foreclosure or a bankruptcy, here’s what you need to know:
- A bankruptcy can stay on your credit report for up to a decade.
- You’re more likely to get better rates and more favorable terms if you wait about four years after filing for bankruptcy before applying for a mortgage.
- FHA guidelines only require that you wait two years after a foreclosure, and with an FHA loan, you could put as little as 3.5 percent down on a home.
- FHA guidelines only require that you wait three years after a short sale.
Are You Buying a Home in Port Aransas?
If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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