March 15, 2017

Can You Buy a House with a Poor Credit Score?

A few months ago, a woman contacted us who was frustrated because no banks would talk with her about a home loan. A decade ago, she owned a home and two other properties. And, she was self employed. During the economic downturn, her business had some tough times and she lost all three properties to foreclosure.

After seven years of renting, she wanted to stop paying someone else’s mortgage and buy again. She spoke with other loan officers who were not interested in giving her any of their time because of her poor credit and being self-employed. When she came to Global Mortgage, she was pretty frustrated.

To be honest, her credit score was a real impediment to getting a home loan. However, we worked with her to identify specific things she could do to improve her credit score in a few months time. It worked!

Within three months, her credit score had improved and we were able to help her get a home loan. She is proud to be a homeowner again.

So if you do not have good credit, there is hope. With proper guidance and some work, you can typically get your credit score high enough to qualify for a home loan.

If you or someone you know would like to buy a home, but has a low credit score, we would like to help. We can provide them the guidance on how to improve their credit score so they can qualify for a home loan. To get started, please give us a call today at (619) 692-3630.

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