Life is unpredictable, and unforeseen events such as job loss, illness, family issues, or divorce can take a toll on our financial health, affecting credit scores and delaying homeownership dreams. However, even if your credit score has been bruised, it doesn’t mean that homeownership or refinancing is out of reach. In challenging circumstances, we have mortgage products that help you navigate the path toward purchasing or refinancing a home.

If homeownership seems hindered or delayed due to credit challenges, we can assist in creating a strategic plan.

Steps to Improve Financial Health and Secure a Mortgage

1. Credit Repair: Start by obtaining a copy of your credit report and identifying any inaccuracies that can be disputed. Paying down existing debt and maintaining timely payments can gradually improve your credit score.
2. Saving for a Down Payment:  Having a larger down payment can improve your chances of approval and secure better loan terms.
3. Stable Employment and Income: Demonstrating a stable employment history and consistent income can reassure lenders of your ability to make regular mortgage payments.
4. Debt-to-Income Ratio: Focus on reducing your debt-to-income ratio by paying off smaller debts. Lenders prefer a lower ratio as it indicates better financial health.

Conclusion
Owning a home with poor credit is not an unattainable dream. By understanding the available mortgage products and working with the right lenders, you can find a pathway to homeownership or refinancing. Careful planning, credit improvement, and financial discipline are key components to overcoming past financial burdens and achieving long-term financial growth.