Guaranteed Approval Tip #1 Have your credit profile improved then apply
You can get approved for a home loan. But you must have an acceptable credit profile and decent credit scores to get approved. If you suffer from any credit issues there is still hope.
You can work with a reputable credit firm who can help you drastically and quickly improve your credit profile so you will qualify.
The Fair Credit Reporting Act requires all items on your credit report be 100% accurate, 100% verifiable and 100% timely.
Most negative credit items on your report cannot be 100% verified because they are not 100% accurate. In these cases these items must be permanently deleted, it’s the law.
A good credit firm will know the laws enough to successfully dispute and delete most of your negative credit items.
They can then get you access to new credit sources who will approve you for new credit, guaranteed.
Plus a good credit firm can help you get approved for high credit limit accounts. High Credit accounts for 1/3 of your total credit score.
This means if you don’t have credit cards with $5,000 limits or higher, your scores will remain low.
A good credit firm will address this and help you get approved for high limit accounts to increase your credit scores.
Your credit will NOT fix itself. It will take 10 years or so for your negative accounts to fall off your report so you won’t want to wait for this either.
You don’t need excellent credit to qualify for a low money down home loan.
But you will need a decent credit score, no recently reported negative items on your report, and positive credit re-established.
A good credit firm can help you with this and will give you the best chance to get approved quickly for the home of your dreams.
Regardless of who you chose, you CAN have your credit improved to qualify for a low money down home loan.
Guaranteed Approval Tip #2 Have a Large Down Payment
You can still be approved for a home loan even if you have credit issues. To qualify you will be required to put a large sum of money down to offset your credit risk.
Most home loans available today are offered through Fannie Mae or are government-backed loans such as FHA.
These loans ALL have credit score requirements. To qualify you will want to consider having a professional credit firm help you improve your credit so you can get approved.
If you don’t want to have your credit improved you still might qualify. You just won’t qualify for any of the most common Fannie Mae or government loans.
Instead, with credit issues, you can get approved for a Private Money loan. Some of these loans have very loose credit score requirements.
You will be required to have a large down payment to qualify.
Almost all private money loans require a 35-40% down payment. With credit issues, you can get approved for a 60-65% loan-to-value loan, the difference you will need as a down payment.
Interest rates on these loans are much higher than conventional loans. Most conventional and government loans offer you interest rates below 6%.
Private money loans offer rates of 8-13%. This means you can expect that your monthly payments will be much higher with these types of loans.
Still, they are a great option if you have a lot of money to put down and don’t want to improve your credit before applying.
Keep in mind your monthly payments will be much higher. So you should consider improving your credit and applying for a refinance conventional or government loan to ensure you have low monthly payments long term.
Guaranteed Approval Tip #3 Find another Borrower
Now is the best time to buy. Property values are the lowest they have been in nearly a decade, and interest rates are also at an all-time low. These buying conditions are perfect for investors to purchase properties for long-term investments.
Chances are very good you have a close friend or family member who would like to take advantage of this opportunity and purchase an investment property.
Try approaching your friends and family to see if they have an interest in taking advantage of this awesome buying opportunity and purchasing an investment property.
You can then rent that property from them on a rent-to-own basis. This is a great opportunity for them to receive income monthly from your rent payments.
Of course allow them to make some interest on you, and allow you an opportunity to purchase the home at a later date when you have the credit to qualify.
This is a great opportunity for them to make a good investment while helping you purchase your dream home in the process
You can qualify for a home loan. To ensure you get Approved, make sure you avoid the 5 Biggest Mistakes most borrowers make. Then utilize one of the 3 Guaranteed ways to get Approved to ensure you can own the home of your dreams.
