Buying a House with Bad Credit in Ohio
Many people would love to buy a home in Ohio with bad credit, facing challenges on their credit score and profile, however, we have some good news for you. It's entirely possible for most buyers who believe they can't buy a home now or in the near future.
Did you know there are lenders, like some of the ones we work with that can help buyers with a 580 credit score. Other lenders we know can help you buy a house with a 600 credit score.
There are many simple things to quickly improve your credit score, more details below the form.
We save you thousands, excel at getting your closing costs covered and have helped many first time buyers and those who have bought a home before succeed at purchasing a residence even when they thought it wasn't possible.
Contact us About Buying a House with Bad Credit?
We can help, our business runs on satisfied clients and we stick with you, guiding you every step of the way even for those seeking to buy a home with bad credit. We respect your privacy, you don't need to enter any sensitive information here. Your information is never shared with any third parties.
We simply forward your request to our licensed preferred mortgage lenders that work with challenging credit who will immediately begin the process of help you achieve your home ownership goals.
Buying a Home with Bad Credit - Improving Your Credit Score
One of the most detrimental items on most people's credit scores are credit card balances and payment history. There are four things you should know about credit cards that will help you rapidly improve your credit score.
- If you don't have a credit card, get one. Sometimes that means obtaining a "secured" credit card. Applicants provide a deposit, usually 50% - 100% of the credit limit. However, if you already have a credit card, do not open another account. New accounts have no credit history, and you take a hit on your credit score for opening an new credit card account. Typically, lenders will want to see a good six month history of on-time payments and no charge-offs.
- Keep your balances low. For the best impact on your score, keep the balance between 10 and 30 percent of your credit limit. You take a hit once you get over 30% and a large hit on your credit score at 50%.
- Never close out an older card when you're in the market for a mortgage! Your credit score will take a big hit if you do. Older cards have established history, necessary for the lending and preapproval process.
- Show healthy credit activity on your account. If you haven't purchased anything in a long time, make small purchases; items that can be paid off in 2-3 small payments.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. In rural or downtrodden areas for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas however, it may not even buy a 400 square foot bachelor suite.
First Time Home Buyer Ohio Resources