Pittsburgh Pennsylvania Home Buyer FAQs...
How Do I Understand My Credit Report... and How Does It Affect Me Purchasing A Home?
Before a lender will give you a loan to buy a home, they will look at how you have paid your financial obligations in the past. Negative information on your credit report may lead lenders to deny you credit.
The following are all considered negative information in terms of your credit history and may affect your ability to obtain certain loans:
Negative credit information does not necessarily mean that you will not be able to obtain a loan. Each lending institution sets their own credit granting standards, so every one will look at your credit a little differently. Most lenders look primarily at the past two years to evaluate your credit. If your credit history has improved, you will be more likely to get a loan.
There are a number of loan programs available with flexible credit guidelines. Depending on your individual circumstances, the interest rate, down payment and/or closing cost may be substantially higher for these programs.
Because your credit history is a large part of the decision to approve or deny your loan, it is important that you review your credit report early in the home buying process. You may find that there are items on your report that are not accurate. If this happens, you will need to contact each credit bureau to correct your report.
Who Are The Three Major Credit Bureaus and How Do I Contact Them?
Are You Worried That You Won’t Be Able To Obtain A Home Loan Due To Credit Issues?
Do you have a low credit score?
Do you have a recent bankruptcy or prior foreclosure?
Do you have late payments showing on your credit report?
Even if you’ve had past credit problems, you don’t have to let this keep you of achieving your dreams of homeownership! We specialize in helping people just like you, with past credit problems. Give us a call today and we’ll put you on the right track to homeownership. We can be reached by simply filling out the form below.