Bad Credit
Posted August 27, 2008
Lately I have had an influx of mortgage applications from folks with bad credit. In today’s lening environment, I am sorry to say that I am not able to assist these folks at this time.
Lenders have tightened up on their lending standards. Some people believe that FHA mortgages are a great choice for them if they have bad credit; however, this is a misconception. FHA has never required a specific credit score, but has always looked for a history of responsible payments. They especially look at the most recent 12 months.
If you have bad credit, does that mean you are just simply out of luck? No, not really. While you may not qualify to buy a home today, you can certainly begin working on improving your credit. The question for most is “How do I improve my credit?” Well, there are several specific things you can do, but first you must being to understand what credit is and how it works. If you can get that understanding together, you can easily recover. It will take time, but with a good roadmap it can be done.
I am working on creating a new website that will provide that roadmap. This is in the works. This will be a member’s only website for those that are serious about changing their credit status. If this is something that you would be interested in, please use the contact page and let me know. Once the website is live and active, I will email you with the information.
Thanks,
Ed
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