If you’re like most adults, then you want to be always working to make the future better for yourself. You’ve lived long enough to understand the while random chance is always a factor, the biggest thing that decides the future is what choices you make and actions you take. So, it’s not a shock if you’re looking at trying to buy or build your own home.
The appeals of owning a home are numerous. You get your own place to call your own, and you can make it suit you as you see fit. There’s no dealing with roommates, landlords, or property owners, with the possibility of having to move at the end of a lease hanging over your head constantly. Also, you’re not just throwing rent away. While leasing an apartment does mean benefits like no yard work and maintenance services, the rent rarely gets anyone ahead financially. Mortgage payments don’t last forever, even if they last decades. A paid-off house is yours for as long as it stays standing.
Also, one thing many people don’t realize is that mortgage payments on a home are in many markets cheaper than monthly rent for an apartment. So even right off the bat, you get perks over renting. So, there’s a lot of advantages, some of them financial, to home ownership.
However, if you’ve looked briefly into mortgages and seen the high requirements and standards that most of them have for borrowers, you might also be looking at your credit report and wondering if this is even going to be possible. You might actually be asking yourself “can I get a mortgage with bad credit?”
The conventional wisdom you might hear from a lot of folks is to be patient and clean up your credit. Pay down debts. Challenge incorrect information on your reports. Come back to the mortgage possibilities in six months when your credit is better.
That’s a worthwhile avenue to consider, but there might also not be a need to wait. If high living expenses are something that’s draining your money and causing your bad credit, then owning an affordable home might be something that greatly helps out your situation.
Look a little harder and you’ll start finding bad credit mortgage opportunities that you can go for. The down payment requirements might be higher, and you’ll have to clearly establish a secure income, possibly with someone else on the mortgage with you. Also look into government programs that help out those that need it. Much of this is run through the federal government, but there are state and municipal programs and options in many regions.
Go into it remembering that while your home will be yours forever, if you take care of things, your mortgage does not have to be. Even a starting mortgage that is not your dream situation can possibly be refinanced either with your original provider or another lender a year or so down the road. Once you’ve cleaned up your credit more, you can get a better deal, and thanks to a bad credit mortgage loan, you didn’t have to wait for home ownership.