by Erika Mehlhaff
Are you currently living in rented accommodations? Are you at the point of wondering about more permanent housing options? Maybe things haven’t gone exactly as planned and you are asking yourself, “Can I buy a house with bad credit?” Attempting to buy a house when you have less than optimal credit can seem impossible when it comes to getting a loan, but your credit might not be as much of a problem as you might think. There are actually several different options that could allow you to buy a house in Texas, regardless of your poor credit situation.
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Buying a home in Texas with bad credit is not impossible; it definitely can be done. If you are in this situation and want to set out on your home-buying journey, you to get started know your credit score; talk to lenders; and consult with a real estate professional. by knowing your credit score and getting information from lenders.
Knowing your credit score helps show how you’ve historically handled debt. The Consumer Financial Protection Bureau states the following: “Borrowers with credit scores in the mid-600s range and below generally pay the highest rates and have the fewest choices. Borrowers in this range may have trouble qualifying for a loan, depending on the loan type and the specific lenders. If your score is in this range, you may want to meet with a housing counselor and explore your loan options to decide whether you want to go ahead now or work to improve your credit before applying for a mortgage.”
Talking to lenders is also important if you are credit-challenged. A low credit score can make it more difficult to find a lender who is willing to give you a traditional mortgage, but there are still options. “A steady income, a small amount of debt compared to your income[,] and a significant down payment can help you get a mortgage despite a bad credit score,” according to Amy Fontinelle, contributor to Forbes ADVISOR in her article, “How To Get A Mortgage With Bad Credit.” If you are unsure of how to find a lender who will help you to find a home loan that will work for you, try speaking with a mortgage broker for help.
Having bad credit doesn’t have to stand in your way when it comes to buying a home. Your credit history is only one piece of your financial puzzle. A reputable real estate professional like those at Corpus Christi, Texas-based WEICHERT, REALTORS® – The Place of Houses can guide you regarding the local housing market and credit requirements. If you have credit concerns but want to buy a home in the Texas Gulf Coast region, contact the experienced real estate experts at WEICHERT, REALTORS® – The Place of Houses to learn more about properties that could meet your needs and how to qualify to buy a house with bad credit in Corpus Christi or the surrounding area.
