Mistake #4: Assuming You Can’t Afford to Buy a Home
It’s amazing how many would-be home buyers assume they can’t buy a home based on what they hear from friends, relatives, and the media, and don’t to talk to a lender or Realtor for fear they’ll be rejected. In reality, many prospective buyers have found a way to own their own home when they didn’t think they could.
They overcame their fear, spoke with a mortgage broker and lender, and found a way. Some suggestions to help you get the ball rolling include: Realize the loan officer is on your side. If you can’t qualify now, he or she can map out a plan of action that can get you headed in the right direction.
Many people feel it takes years after a bankruptcy to get their credit back on track to buy a home. Not so. If you’ve paid your bills on time and corrected the problems that led to your bankruptcy, you may qualify after a year or two of discharge. Talk to an experienced Realtor who may know of homes for which you can work out a lease-option until you can qualify to buy.
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