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Buying a home with bad credit in louisiana

buying a home with bad credit in louisiana

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buying a home with bad credit in louisiana How To Buy a House, Even With No Savings And Bad Credit.

buying a home with bad credit in louisiana


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Is Buying a Home a Good Idea for You?

It's true that circumstances have changed a lot in the last few years, and new loan limitations are making it hard for people to get in over their heads, but at some point you have to ask yourself, in light of the things in your credit report, can you handle the pressures of owning a home right now?

To qualify, you may have to accumulate a large down payment or accept a higher interest rate than you might like. You may also have to wait a couple of years for the clock to run out on a foreclosure or bankruptcy limitation. Home ownership is the biggest monetary investment many people make in their lifetime. Before you take the plunge, be sure you know owning a home is what you really want.

Planning for a Secure Future

Real estate values will probably stabilize, and the market may eventually gain back the value it's lost, but probably not without some fits-and-starts along the way. If you have the determination and are willing to take your chances, read on. If not, you can always use the time and energy you'd have spent shopping for a house working on your credit instead.

Solutions to Buying a Home with Bad Credit

If you're determined to live the dream now and buy a house no matter what, then there are steps to take on your path to the ultimate debt. When your FICO credit score (the score lenders evaluate when deciding to loan you money) is below what's acceptable to conventional lenders, one popular option is to apply for U.S. Federal Housing Administration (FHA) loan insurance. The FHA helps people qualify for loans by assuming the risk if the borrower -- that's you -- defaults.

FHA insurance has helped secure more than 37 million home mortgages since 1934, and it can be a great way to get into your first home with a low down payment and a sparse or negative credit history. You have to show some current financial responsibility, but you aren't automatically discounted because of a bankruptcy or past foreclosure [source: HUD].

Another way to go is to find a seller who'll carry the note. If you have a relationship with a potential seller, and he trusts you, this may be an option. Along those lines, you may also be able to get a family member to help by co-signing on a loan.

Almost any way you slice it, getting your own little piece of the American dream without good credit will cost you more money than if you were a better credit risk.

Before you start running up a gas bill looking for a house with the perfect garage or garden, get a copy of your credit report to learn exactly where you stand. If there are any erroneous details that are making your financial situation look worse than it is, you can straighten them out sooner rather than later. A few FICO points can make a difference, especially at the low end of the scale.

With some luck, you might even be able to find a motivated seller who's willing to work with you on a rent-to-own arrangement. In that type of scenario, you could help accrue a down-payment while improving your credit rating at the same time.

Solutions to Buying a Home with Bad Credit

If you're determined to live the dream now and buy a house no matter what, then there are steps to take on your path to the ultimate debt. When your FICO credit score (the score lenders evaluate when deciding to loan you money) is below what's acceptable to conventional lenders, one popular option is to apply for U.S. Federal Housing Administration (FHA) loan insurance. The FHA helps people qualify for loans by assuming the risk if the borrower -- that's you -- defaults.

FHA insurance has helped secure more than 37 million home mortgages since 1934, and it can be a great way to get into your first home with a low down payment and a sparse or negative credit history. You have to show some current financial responsibility, but you aren't automatically discounted because of a bankruptcy or past foreclosure [source: HUD].

Another way to go is to find a seller who'll carry the note.

Subprime loans, or loans for people with less than stellar credit, aren't popular in this economic climate. Things are tight now, but as the housing market improves, the options will probably get better. Almost any way you slice it, getting your own little piece of the American dream without good credit will cost you more money than if you were a better credit risk.

Before you start running up a gas bill looking for a house with the perfect garage or garden, get a copy of your credit report to learn exactly where you stand. If there are any erroneous details that are making your financial situation look worse than it is, you can straighten them out sooner rather than later. A few FICO points can make a difference, especially at the low end of the scale.

Louisiana

Need help buying a home? You may qualify for one of these programs.

CONTACT US FOR MORE ANSWERS

Statewide and Regional Programs

Louisiana Housing Corporation – homebuyer programs, including downpayment and closing cost assistance
U.S. Department of Agriculture Rural Housing – homebuyer programs in rural communities
Louisiana Affiliates of Habitat for Humanity – through volunteer labor, builds and rehabilitates houses for families in need

Programs by City/Town
Baton Rouge
Monroe
Shreveport

Programs by Parish
Jefferson
Terrebonne

Louisiana Affiliates of The Fuller Center for Housing
Northshore
Northwest Louisiana (Shreveport)
Webster Parish

Comments

  1. Wiyoyocodejuz

    Buying a bigger home is so scary but not knowing what part of Cali you want to move to is scarier!!

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    Why own a home anyway

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  5. Zoyujofacetudo

    Tired of renting? These are the basic steps to buying your first home.

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  8. Gekenebol

    In recent years, I"ve interchangeably invited closer friends home for drinks food, or secured tables at a pub by buying a keg discount.

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