Credit Problems?
Are there skeletons in your credit record? Are you afraid you’ll be turned down for a mortgage because of past problems or your current debt load? Don’t assume you have a hopeless situation. There are loan programs available for people with marginal to nonexistent credit. They usually carry a premium, i.e., you’ll be paying points and/or a higher rate, but it may be worth it to turn your situation around.How do you find such a loan? Talk to someone you know and feel you can trust. Your Real Estate professional, a BCD mortgage specialist, or a Certified Credit Counselor are all good people to confide in. Again, your Real Estate professional has probably encountered credit issues before and may have some very good recommendations for you. Not all lenders will be able to help, but there are, actually, lots of programs out there for "B" or lower credit. It is possible that an FHA or a HUD mortgage may also be an option.