{"id":892,"date":"2021-06-04T21:19:03","date_gmt":"2021-06-04T21:19:03","guid":{"rendered":"https:\/\/launchmyscores.com\/?p=892"},"modified":"2021-06-23T14:39:45","modified_gmt":"2021-06-23T14:39:45","slug":"fix-credit-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/launchmyscores.com\/fix-credit-to-buy-a-house\/","title":{"rendered":"How Do I Fix My Credit To Buy a House?"},"content":{"rendered":"\n
Buying a house is a major accomplishment and something to be celebrated, however, there’s usually at least one major roadblock standing in the way of so many would-be homeowners \u2013 bad credit.<\/p>\n\n\n\n
If you have bad credit or little to no credit, buying a home is going to pose a real challenge. But as a real estate broker in the business for almost 2 decades, I can assure you it’s not impossible. <\/p>\n\n\n\n
In fact, it was my love of helping first-time buyers become homeowners that I got into the credit business. There were simply too many people wanting to buy homes that couldn’t because of credit and I wanted to do something about that.<\/p>\n\n\n\n
If you don’t have a stellar credit rating and want to know how to buy a house, stick with me and follow these steps and if you give it the time it needs \u2013 you’ll see the difference in your credit score.<\/p>\n\n\n\n
Related: How to Save for a House on a Lower Income<\/a><\/strong><\/p>\n\n\n\n If you haven’t already, you need to pull your own credit reports to know exactly what your credit situation is. There are many different scenarios and every credit profile is as unique as a fingerprint.<\/p>\n\n\n\n Your credit report will work as a blueprint, letting you know what needs to be corrected, paid, or something else altogether. <\/p>\n\n\n\n Keep in mind that you\u2019re entitled to pull your credit report from each of the three major credit bureaus for free once per year. Use them! You can get your free credit reports at Free Score 360<\/a> which is a trusted site we use for our credit clients.<\/p>\n\n\n\n Your credit score matters<\/a> because it is the single factor lenders use to determine if you are trustworthy to lend their money to. So it’s something that may feel like a total mystery but below is a breakdown of how your credit score is calculated to make things a little less mysterious.<\/p>\n\n\n\n Related: The Simple Way to Get Out of Credit Card Debt<\/a><\/strong><\/p>\n\n\n\n Now that you have your credit reports and understand how those score are being calculated, now you’re probably wondering what scores are considered good, bad, or excellent. <\/p>\n\n\n\n Here’s a quick graphic to break this down simply:<\/p>\n\n\n\n There are minimum credit score requirements for each mortgage loan type and we’ll show those in the chart below. However, it’s important to note that your credit score is not the only factor in getting a mortgage approval.<\/p>\n\n\n\n Mortgage approval takes into account your credit score, current employment, overall income, debt to income ratio, and your ability to pay your required closing costs and down payment. <\/p>\n\n\n\nGet To Know Your Credit First<\/h2>\n\n\n\n
What Makes Up My Credit Score?<\/h2>\n\n\n\n
What is a Good Credit Score Range?<\/h2>\n\n\n\n
The Minimum Scores for Various Mortgage Types<\/h2>\n\n\n\n