Buying a home can be a difficult process, especially when it comes to obtaining a real estate loan. If you have bad credit, it can be nearly impossible. The truth is, your credit score doesn’t always reflect your ability to pay off your loan – but if you’ve made imperfect credit decisions in the past, or went through a financial rough patch that damaged your credit, a bad score can haunt you for years. Fortunately, there is a way to get a real estate loan with credit irregularities.
Work to Boost Your Credit
No one wants a bad score to hold them back, especially if you plan on making large purchases in the future. Look for ways to boost your credit over time, like paying more than the minimum on any loan payments or overdue balances, ensure your current bills are paid on time. Avoid signing up for more credit cards, or closing credit card accounts that still have a balance attached. It may take a while to get your score up, but the rewards will be worth it.
Get a Hard Money Loan
Hard money loans, also known as private money loans, rely on equity rather than a credit score. Private lenders are more flexible than banks, making it easier to get a loan regardless of credit score. Paying off this loan promptly can even raise your score – allowing you to get loans more easily in the future.
7 Day Loan Service can help you get the best hard money loan available with fast and individualized customer service. Contact us today for more information.