Do you want to buy a home, but don't think you will be approved for a loan? Right now is a great time to buy a home. In my thirty plus years of selling real estate I have never seen home values as low as they are today. Never has there been a better opportunity to get a home to raise your family in. Maybe in the past you have had some credit issues or maybe you just have no credit at all. So how do you get started in looking for a home when you think you might be denied?
First of never think that just because you were denied before you will be denied today. I work with lots of different lenders who are able to make things happen for clients with different needs. You will find that real estate agents who have been in the business for a long time have cultivated these relationships and they can be quite helpful. If you give it a try and are not qualified then...
Work on getting your credit straightened out. If you know you have some past due things to take care then work on those things first. The general rule with things like credit cards is to pay off the ones you owe the least on first. Pay the minimum payments on all your cards and pay a larger amount on the one you owe the least on. (When it is paid off move up to the next one.) Before you know it you will have tackled that huge debt.
If you have no credit a good way to get started is what I call the piggy-back system. Save $1,000 and go to a local bank (I like United Bank) and put it in a savings account. Then ask for a loan for $1,000 secured with the savings account. You don't need any credit to do this, they will block your access to the savings account and loan you $1,000. You can then take this money to a second bank and do the same thing. At the end of 12 months you will have $2,000 in savings, and a track record of paying off two installment loans. (Caveat: You can do this with as many banks as you want as long as you can afford the monthly payments)
Another thing you can do is get a secured credit card. Orchard Bank offers a great secured credit card. When you get a secured card they have you make a deposit (usually for about $200) and that becomes your credit limit. Use your card and pay it off each month. After 18 months they will refund you the deposit and if you have been a good credit risk they will usually up your credit limits. One thing that is very important when you are shopping for a secured credit card is to make sure they report to the three major credit agencies. Some cards don't and if you do this with those cards you are just wasting your time.
Following these techniques you can get approved for a loan in no time. It is all about setting a goal and achieving it.
Real estate can be hard to understand. So many rules and things to trip people up. I have been in the business for a long time and I can help you navigate these troubled waters. Visit RealEstateGriffinGA.com Local Real Estate Secrets and get information to how to get great deals and not get ripped off.
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