When I was a younger and was able to apply for my very first credit card I did and I continued with many more after that one. My parents did have a talk with me about getting to many cards and spending to much on them. They warned me that it was an easy thing to do at my young age I was to going to get myself into trouble and of course as at that age I did not listen to them. The bills were starting to come in and began piling up on me it seemed as though they were coming faster and faster but of course they were not. They began to increase in amounts due to me only paying the minimum amout due so, I was having trouble paying them off. This was a very dumb decisions on my part I wish that I had just listened to my parents. My credit score dropped and continued to drop and it effected me in so many ways and still does to this day. I have done some research on buying a home with bad credit and have found this site to be helpful as a guide on how to improve your credit.
As an adult I would love to own my own home but because of my credit score the interest rate is higher for me than someone else that has good credit. If you are looking for a home in Flordia and have not so great credit you should check out these many different options for bad credit loans. Below I will List some of they loans that are offered there is sure to be one that will help you achieve your goal of buying a house.
Nonconventional Loans for Bad Credit which is a great option just because they have low down payment and have flexible approval requirements. The FHA has a programs and offers insurance that encourages lenders to approve a wider range of clients even those with bad credit. Your credit score can be 580 and can be as low as 3.5% down even if its 500 you could qualify as low as 10% down.
Subprime Loans for bad credit which are loans for people who have bad marks on their financial history these tend to have higher interest rates than a conventional home financing. If your credit score is lower than 660 it is very possible to secure one of these types of loans.
Hard Money Loans or loans that are based off of the property that is being financed instead of the borrower’s credit. This loan is also used for people who are buying property to flip or as a temporary loan until their credit can be repaired. These loans have a higher interest loan than the conventional loan.
If you would like to purchase in Orlando, Tampa, Sarasota, or nearby Florida, I would contact Associates Home Loan of Florida, Inc., to get started. They are sure to get you the perfect loan for you to get the house that you have always been wanting to buy.