Do You Really Need Spotless Credit To Buy A House | Getting A Home Loan In This Housing Market
🆓 ➡️ Free Download Getting An Excellent Credit Score: https://bit.ly/ExcCreditScore
In today’s video I’m going to answer a question that I have received from a viewer on a #AskLaurenMac post. Some of the questions that I will be answering is what to do if you have a bad credit score for a home loan, the credit score for mortgage you will need, how to get a home loan with bad credit, different types of mortgages, the housing market in 2022, renting vs buying a home, first time home buyer tips, interest rates (mortgage rates) and much more. If you are buying a home for the first time then make sure to watch this video to get some tips for first time home buyers. The housing market is a bit crazy right now and buying a house with bad credit is not impossible and you can still qualify for a home loan. If you are a first time home buyer, you might qualify for an FHA loan or a similar type of mortgage loan. In the current real estate market qualifying for a mortgage and buying a house even without spotless credit might be easier than you might think. Home buying doesn’t have to be difficult and this video will help you in your quest for housing.
👍 Don't forget to give this video a thumbs up if it was helpful. I really appreciate it!
📹 How to Retire Early From Real Estate Investing Real Estate Investing For Beginners: • How to Retire Early From Real Estate ...
📹 Credit Score Hacks To Get An Excellent Credit Score: • Credit Score Hacks To Get An Excellen...
👉 Don't forget to subscribe so you don't miss any of the 3 weekly videos posted on money, saving, and investing: / @hackingtheratrace
I am going to answer a question that I received from an #AskLaurenMac post. The question was “Hello Lauren …do you really need spotless credit to buy a house nowadays??? Everyone tells me that I could pay a little more than what I pay now for rent and get a house ahh alas I don’t think it is that easy … keep up your great work.” To answer that question, we’re going to look at 4 different types of mortgage loans and what the requirements are for qualification for each of them in order to help answer this question. I would also like to say thank you so much for asking this question, and if you are watching this and have a question you would like to me answer in a video or short feel free to post them below with the hashtag AskLaurenMac. So, let's jump right in!
In this video I am going to be breaking down 4 different options with examples at the time of recording of this video, so depending on when you watching it will be a good idea to check the updated mortgage rate etc. Additionally, anytime you are house shopping I highly recommend getting at least three quotes. I would get one from a bank, a mortgage broker, and a mortgage lender. I would ask them to give you a quote on all of the different types of loans that you qualify for so you are able to compare apples to apples when making the decision on which lender you choose. You will be surprised at the differences. For example, depending on your credit one may accept you, while another may not, or there could be a significant difference in interest rates as well and closing costs and fees. I always recommend getting at least 3 quotes from 3 different types of sources. If you stay until the end of this video, I am going to give you a bonus tip on how you can save money on a house, even in the current market, which could offset your higher monthly mortgage payment due to the increased interest rates. Now let’s jump into the options.
First, have you ever served in the United States Armed Forces? If so, then you could be eligible for a VA loan. According to Veterans United “The VA loan is a $0 down payment option available to Veterans, Service Members and select military and their families. VA loans are issued by private lenders, such as a mortgage company or banks, and guaranteed by the U.S. Department of Veterans Affairs (VA). The VA home loan was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic program has guaranteed more than 25 million loans, helping Veterans, active-duty military members, and their families purchase or refinance a home.” This could be a great option for active-duty service members and veterans. So you might be wondering what is the minimum credit score for this type of loan? Well, the VA does not have a set minimum credit score for the VA loans it guarantees. Rather, it asks the lenders to instead review the full loan profile of the individual applying for the VA loan. So this enables lenders to establish their own minimum credit scores for VA loans. This is the reason why you can often see different lenders requiring different credit scores. As an example, let’s look at Freedom Mortgage and what they offer:
Watch video Do You Really Need Spotless Credit To Buy A House | Getting A Home Loan In This Housing Market online without registration, duration hours minute second in high quality. This video was added by user Hacking The Rat Race 20 July 2022, don't forget to share it with your friends and acquaintances, it has been viewed on our site 65 once and liked it 5 people.