| id="body"> | | | | report and see if there is anything you can dispute. It's |
| If you're a first time home buyer with bad credit and | | | | highly likely that there is something that you can |
| are concerned about the difficulties you'll face when | | | | change. Write a letter to the agency, explaining |
| looking for finance, don't be too worried. It won't | | | | anything you find that you disagree with. You'd be |
| necessarily be difficult to get a mortgage, but you'll just | | | | surprised at how often you can get something on your |
| face higher interest rates and fees. For the most part, | | | | score "fixed." It's worth the effort. |
| this is something you'll just have to accept. | | | | Have a Flexible Seller |
| Unfortunately, you have bad credit so you are more of | | | | Granted, this depends a lot on who you're buying the |
| a risk in the eyes of the lender. | | | | house from, but there are many sellers that will |
| However, there are still some things you can do as a | | | | appreciate the fact that you're a first time home buyer |
| first time home buyer with bad credit that can help to | | | | with bad credit. Often you can do an "owner carried |
| get you a better financing deal for your needs, and | | | | mortgage" or a "contract for sale" whereby you can |
| improve your credit score. Here are some things to | | | | make payments to the seller instead of a bank. This |
| consider: | | | | way you can avoid any lending fees and have lower |
| Improve Your Credit Score | | | | interest rates. |
| Obviously, this is easier said than done and you can't | | | | Be Creative |
| expect to drastically improve your credit rating | | | | Much like the above example, there are many things |
| overnight, but you might be able to make slight | | | | you can do as a first time home buyer with bad credit |
| changes. The thing you need to remember with | | | | to get a better deal than borrowing from a bank. |
| mortgages and interest rates is that a slight reduction | | | | There may be sellers that are willing to "lease" their |
| in the amount of interest you pay each month can be | | | | house to you with a later option to buy. You really just |
| worth thousands and even tens of thousands over the | | | | need to bring it up with them. Remember, sellers are |
| lifetime of your mortgage. Or even over the near | | | | often just as eager to sell their home as you are to |
| future of your mortgage. Get a copy of your credit | | | | buy one. |