Can You Buy a House With Bad Credit?
If you’re looking for a home for sale in the Tampa Bay area, from Apollo Beach to Wesley Chapel, but you have questionable credit, stop worrying – you can still buy a home with bad credit.
Here’s what you need to know.
Can You Buy a Home With Bad Credit?
If you’ve had late payments, a bankruptcy or even a foreclosure in the past, you can still buy a home. However, you need to know that you’re probably going to pay more than someone with better credit would pay.
Waiting Periods After Foreclosure and Bankruptcy
If you use an FHA loan, you must wait two years after a foreclosure. The good news is that after those two years have passed, you could qualify for a 3.5% down payment. (You have to wait for three years after a short sale.)
If you have filed bankruptcy in the past, it’s going to remain on your credit report for 10 years. However, if you wait at least four years, you can typically start getting better rates.
You could take out a hard money loan, but the interest rates are typically very high – and these types of loans generally require a 25 to 30% down payment. Many also have prepayment penalties, which can pose problems if you want to save money on interest.
Are You Looking for a Home for Sale in Tampa Bay?
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away. In the meantime, check out our:
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