Ziay!

CHAOS

I have been trying to get my finances back in order after losing my job a few years ago.I would like to stop renting apartments and buy a house for my family. My credit is bad but I'm trying to repair it. It will be 5 to 6 years before my crdit is back in good standing. Will I have to wait that long before I can buy a house?

nan_seat

If you have paid every bill on time for a year, and you have not had a bankruptcy in the past 7 years, then your credit report will show that. If you have 2 years of paying EVERY bill on time, then you should be in good shape to get a loan.

Of course, your credit score will rise the longer the time period of timely payments. Don't miss a SINGLE ONE, though, for the next twelve months, and I think you'll be pleasantly surprised at the loan possibilities.

Jimmy

One answer is the consideration of owner financing. Have a copy of your credit report available and be honest with the lender. As you are aware credit history is important, along with building equity. Best to You.

sohni

1st assess if u r able to service any loan that u will take out .. u dont want to run around that block again there is a reason banks expect u to fulfill lending criteria to many lenders have been getting ppl to borrow over and above their means


if u feel that u will be able to service a loan then look at non bank lenders for credit but plz read all the terms and conditions better still get an independent solicitor to go over it for u ( dont use one the lender reccomends )

and remember mortgage insurance only protects the lender not the borrower

goodluck

Silvana

Possible - just that the interest rate would be higher than for a person with good credit history.