If you?re wondering how to buy a house with poor credit, you?re going to have to consider your financial situation before anything else. You have to keep in mind that everyone?s finances are different, and this can put you in a different position than someone else looking into purchasing a house with poor credit.
Keep in mind that money lending is a business, and people won?t be willing to give you a loan out of the kindness of their hearts. Your credit score will allow a lender to determine whether or not you?re likely to make the payment required in the first place, and nobody wants to loan out money that they can?t eventually collect.
As you would imagine, this puts you in a precarious position when you want to buy a house with bad credit, but it doesn?t make it impossible. While it is true that you may have to jump through a few more hoops and that your interest rate may not be ideal, you will still be able to get a house if your credit isn?t downright abysmal.
Darryl founded Smith Financial Advisors Inc. in 2006 after over 30 years experience in financial services including Mergers & Acquisitions, Investment Banking and traditional Commercial Banking activities at Bank One. Smith Financial Advisors is a Registered Investment Advisor in the State of Illinois. The firm specializes in Investment management, financial planning, and retirement planning.