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The reasons why the numbers don't work tend to fall within three areas. You may not have enough income to qualify. You may not have enough down payment. You may have dings on your credit. These are the Big Three. Let's look at some strategies you could put into place to change those numbers for yourself.
You need to demonstrate a solid track record. That means the following:
If you don't have enough income to qualify for a loan on your own, it's not the end of your dreams of owning a home. It means you have to get creative to get your foot into the door of the real estate market. Here are some ideas on how you might be able to get that starter home:
What do you do if you don't have enough down payment? That doesn't have to stop you from owning your own home. Let's look at possibilities:
This is the time to clean up your credit. Whatever the problem, you're going to want to get your credit into tip top shape ASAP. Why? Because it's one of the most important factors when it comes to qualifying for a mortgage. Bad credit = no loan. Would you want to loan to someone who has a record of not repaying debts as agreed? Unlikely!
Bad credit is not something to be ashamed of. It's happened to most of us at some time in life—no matter how careful we are. Clean it up and put it in the past. Get on with your life. It will feel really great to step up and handle it, instead of letting it fester and make you feel bad.
No credit is equivalent to bad credit. It's an oddity of the marketplace that someone who pays in cash and doesn't use credit is put in the came category as someone with bad credit. If you don't have credit built up, it's time to get a couple of cards and establish a solid credit record. Use the same wisdom you've used in paying with cash, and you'll soon end up with a nice credit score.
There are times when a potential buyer has a good job and solid work record, but their credit isn't perfect. This can be for a number of "life circumstance" reasons such as bankruptcy due to medical bills, financial problems related to divorce, or death of loved ones. These situations can be fixed allowing you to buy a home once credit is cleaned up. If this is your issue, let's talk. I can refer you to lenders who will help you qualify.