Owning a home is part of the American dream. Its also the biggest purchase that most of us will ever make, and because of that, almost everyone will be borrowing money to do it. Unfortunately, for many people that means a bad credit home loan, and that might be hard to get.
Its simple. Imagine going to a bank and asking for $200,000. And then imagine that you have bad credit. Youre always behind on your bills, your credit cards are stretched to the limit or you have no credit cards and you have no collateral. Now try and imagine what the bank will say.
Having a home is a big part of the American dream, but having bad credit is a big part of the American reality. There are a lot of people with bad credit who want to buy homes, but how can they convince a bank or other lender to give them money if its clear theyve never been able to pay their bills on time?
The first thing to do if youre contemplating buying a home and you have bad credit is to try and establish good credit. Make sure you pay your bills promptly. If you dont have a major credit card, get one, use it and pay the bills promptly. Youre trying to convince a lender that you can be trusted to pay...
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