If buying a home looks a little out of reach because you have bad credit, there’s good news: You can rebuild and get back on your feet in a relatively short period of time.
How to Improve Your Credit to Get a Home Loan
It won’t happen overnight, but experts say that you should talk to a mortgage broker who specializes in helping people with less-than-great credit. In the meantime, you can get a head start by:
- Getting a major credit card.
- Show steady employment by holding the same job for a year or two.
- Earn a regular wage (unless, of course, you’re self-employed; lenders will have different requirements for you)
- Save up at least 10 percent of a home’s purchase price to use as a down payment
- Make sure you pay your bills—all your bills—on time
What if You Can’t Improve Your Credit Enough?
The better your credit, the more competitive interest rates lenders will be willing to offer you. If that’s just not working, though, you might want to look into alternative methods of financing. You might even consider buying a home with seller financing, in which the terms are between you and the seller (and nobody else).
Are You Looking for Homes for Sale in Tampa’s Suburbs?
If you’re thinking about moving to Tampa, check out the links below to search for homes with just one click:
When you’re ready to start looking at homes for sale in Hillsborough County, Pasco County or Pinellas County, we’re here to help.
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.