| For as couple years people were buying homes with | | | | from |
| bad credit and nothing down. These loans were | | | | - Follow the information on the free reports to dispute |
| packaged and resold to investors with a profit and this | | | | whatever negative, incorrect, or obsolete information |
| business boomed. Then defaults and losses caused | | | | you would like to dispute. |
| billions in losses and these loans vanished. Bad credit | | | | - Are there any small collection or charge-off accounts |
| Houston mortgage loans are no longer available with | | | | on your file? If so call them and ask if they will |
| no down payment. | | | | DELETE the negative report if you pay them. |
| It is still possible to get a mortgage if you have bad | | | | - If you have a really bad file you may want to |
| credit, but it now requires a down payment. This can | | | | consider a credit repair company but check them out |
| range from 5% down with small credit problems to | | | | carefully and be wary of any that ask for big money! |
| 30% or more down with major credit difficulties. The | | | | - Keep your monthly payments on time and be careful |
| alternative to a big down payment is to repair and | | | | not to overdraw your bank account. |
| rebuild your credit. | | | | - See if there are any grant or down payment |
| There is a misconception about credit repair that you | | | | assistance programs available, loan officers and |
| can pay someone a huge amount of money and get | | | | realtors are a good source for this information. Your |
| a great credit rating overnight. In reality the basic thing | | | | income usually needs to be low or moderate to qualify |
| done by repair companies is to dispute negative | | | | for these. |
| information on your file to try and get it removed. This | | | | - Save up as much down payment money as you |
| may result in some improvement and you can do it | | | | can. If necessary a relative may be able to contribute |
| yourself for the cost of a few stamps. | | | | funds. |
| If you want to get a home but your credit is not good | | | | - Ask your advisor if you need to add good credit, and |
| here are some suggestions: | | | | how to do that if necessary. |
| - Find a loan officer or mortgage broker to review | | | | - Don't give up hope! Home ownership is the American |
| your credit. Some will do this free of charge. You may | | | | dream and a key path to wealth. Almost everyone |
| be qualified for some mortgage program. | | | | with enough income can qualify for a mortgage. It may |
| - If your credit and cash available is not sufficient ask | | | | take some time and effort but it is worth it! |
| for a plan of what you would need to do to get a | | | | Texas residents can get more information at my |
| good mortgage. Some loan officers will do this for | | | | Texas bad credit mortgage page. Or call my Houston |
| free. | | | | office at 281-537-7800. |
| - Get a free copy of all three of your credit reports | | | | |