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Buy a home with bad credit,renters

Why an Extensive Negative Credit History Might NOT Hurt the Homeowner

31 Dec , 2014  

Did I just go against the grain here? Yes, I certainly did. In all the annuls of literary discourse talking about bad credit, zero down homes, rent to own, and real estate in general, one thing does remain to be a constant: you don’t want a negative credit history. Right? Yes, that’s true, but don’t call it quits on getting a home loan or even qualifying for anything else due to your bad credit. It’s not as “bad” as it may seem, and here’s why:

Believe It or Not, But the Simple Fact That You’re a Homeowner Will Make Your Credit Historynegative credit stain “History”

Your history of bad debts will be a stain, yes, but let’s be realistic here. They’re just stains. They can be washed off at some point. Moreover, this is what you have to understand about a negative credit history and how lenders will view it: they’ll put more weight on what you’re currently saddled with versus what you’ve had to face in the past.

That simply means if you have charge-offs on your credit report from perhaps ten years ago, don’t sweat it. Lenders focus on what’s going on with you right now. They’ll look at current accounts. They need the current stuff to accurately gauge just how much or how little of a credit risk you really are.

In fact, the option of selling your home and paying off your bills, or even renting out your home to take care of your debts, proves without a shadow of a doubt that being a homeowner for the most part automatically puts you at the top of the list for home loan approval. Just remember: it’s not about how much owe, it’s about how often and on time you’ve paid consistently.

You at Least Have a Credit History

There is something even worse than bad credit, folks. It’s called “no credit.” So count your lucky stars. A negative credit history will be a minor disadvantage, but an immediate disqualification from everything regarding a home loan, car loan, to even an American Express card, is the result of no credit history for any lender to base a decision on.

How is the lender supposed to know if you’re going to be a risk or not? In a way, it’s even more of a risk going in blind than at least seeing what the possibilities are. After all, a lender has to do business somehow. Seeing that there is at least some credit history will determine a lot.

Don’t Be Too Hard on Yourself

The HOPE Program insists that you keep your head up! Give us a call, and you’ll see what we can do for you. If you don’t believe it, just ask the over 13K people that see it with their own eyes. You can get approved. You can be a homeowner again. You can make your home ownership work for you.

Contact H.O.P.E. to Own today.

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3 Tips for Home Renters Wanting to Buy a Home

3 Sep , 2014  

Female Hands With HouseAre you still renting your home? Are you ready to make the commitment to buy a house? Buying a home has many benefits but it is a big step. It’s not something that you want to jump into but when the time is right, it can be very exciting looking for your new home. However, buying is much different from renting, so you need to make sure it’s the right time for you to buy before making a commitment and these 3 tips can help.

Make Sure You’re Ready to Stay in One Place

Before you serious start looking for a home to buy, make sure you’re ready to settle down in one spot. When you rent, you can always pack up and move when the lease ends but when you’re buying a home, it’s more permanent. This doesn’t mean that you can’t sell and move to a new location later but it would be to your advantage to stay in the home for several years before trying to sell.

Selling a home takes time and the market plays a major role in how much your home is worth, so you may have to wait until the market is strong to keep from losing money. You’ll be obligated to stay in the home until you sell it, unless you have the funds to keep up two homes. Therefore, it’s much better to wait until you are sure you’re ready to settle down in one place before buying a home.

Are You Ready for the Commitment

When you’re renting a house and you have a water leak, you call the proprietor and he calls the plumber to take care of the problem. The owner of the home is responsible for all major repairs required to keep the home in good condition and he is the one that must pay the bills.

When you buy a home, this responsibility becomes yours. You will have to make your own repairs or pay a professional service to fix any problems you have. It’s a big change that you need to be prepared for or it could take a toll on your finances.

Set a Budget and Stick with It

Before you go out searching for a home to buy, set a budget and only look for property that falls in your price range. If you’re looking outside of your budget, it’s too easy to be tempted into purchasing a home that you can’t really afford.

Even though you may be able to make the mortgage payments, if something unexpected happens, it would be easy to fall behind. Once you get behind, it’s almost impossible to catch up and a vicious cycle begins that could end in foreclosure.

Buying a home is exciting and has many benefits that you don’t have when renting, provided you are truly ready to take on the responsibility.


How to Fix Bad Credit

22 Aug , 2014  


credit-cards-1439332-mDo you want to know how to fix bad credit? There are simple and effective ways to fix bad credit. Keeping a minimal balance on all credit cards is essential to eliminating debt related problems. Checking your credit report regularly is also a great way to avoid unexpected identity theft issues. Consolidating your debts with the help of a professional agency can also lower monthly payments making things easier on your finances. Speaking with a financial consultant can be helpful to help you avoid pit falls that led to the creation of debt to begin with for you.

Consolidating all debts onto one card can be helpful so that you can make more than the minimal monthly payment. Avoiding the temptation to close cards that are not active is also important. Many people do not realize that closing accounts will actually lower your credit score. Contacting credit reporting agencies to dispute any unknown charges is also a beneficial strategy. Making payment arrangements with any accounts in collections should raise your score by a few points. 

Making payments above the minimum monthly payment will also have a positive effect on your credit score. Freezing your credit report access during extended periods of stability is also advisable. People are not aware hard credit inquiries can lower a score by several points. The consolidation of student loans will also free up money to pay off any extenuating long-standing debts. Checking on the length of a debt to see if it can be removed from your report is a easy way to quickly raise your score.

It is easy to see that you can fix bad credit with a well thought out plan and a little bit of patience. You need to learn how to remove bad credit and add good credit.  Finding assistance from a qualified professional can be easier than trying to handle the whole situation yourself. There are many free services available to help you get back on track and we can help you find them today.


Renting vs. Buying a Home

21 Aug , 2014  

Dog Welcome Home

Dog Welcome HomeThere are many important factors to consider when one wants to buy or rent a home. Renting vs. buying a home requires one to make important personal decisions. To assist you make the right decision, here is a guide to the pros and cons of buying vs. renting.

There is a time when renting is best for a person and there are times when buying is best. Maybe you’ve been renting but now you’re ready to buy and you only continue to rent because you think you have no other choice. This is where good information helps you make the best decision.

Let’s compare some pros and cons.

Buying Pros

If you make the decision of buying a home, you are contributing to your investment portfolio and building equity. You can do anything to that home since you will find the enjoyment of living in your own house. It’s yours and you can make decisions about construction, painting, remodeling and more. You can feel confident that you are investing into your future and you have equity. This gives you an additional type of security that you did not have as just a renter.

Buying a house also comes with financial benefits such as a deduction for your mortgage interest. These are just some of the pros of buying vs. renting.

Buying Cons

Perhaps the most difficult thing about buying a home is whether or not you are going to afford the down payment. In some situation it can be around 20% of the property’s price. Other additional costs include homeowner’s insurance, property taxes and general home maintenance.

Renting Pros

Generally, renting does not have many financial strings. You have small costs of rental insurance and your personal style and belongings but most maintenance issues will be handled by the home owner. Renting a home will only require you to pay the security deposit compared to buying that will require you to pay the hefty lump sum down payment. Renting is the best solution if you do not want your money to end up in mortgages. Many people choose to rent when they are not ready to commit to purchasing a home just yet or when they will only be in an area temporarily.

Renting Cons

Your monthly rent may end up being much more expensive than the mortgages after a few years. You could have bought a house by the time you spend a number of years renting. Another downside to renting is that you don’t build any equity. Renting is not an investment. You’re buying a temporary place to stay- that’s it.

Buying vs. renting a home depends on one’s personal decisions since some want the security of owning a house while others prefer the flexibility of renting. It’s not a decision that anyone else can make for you or your family. It’s not about which is better than the other but about which is best for you.


Why Do Most People Rent?

2 Jun , 2014  

A typical historic house in the village of Egmond Binnen, HollanAre you tired of renting your home? Are you tired of giving your hard-earned money for a place to live, always knowing it will never be yours? If you dream of owning a home of your own, it might not be as far off as you think. Far too many people get stuck in a renter’s cycle because they believe they will never be able to own a home of their own. Maybe they even tried to purchase a home but were denied because of their credit or not making enough money (or both) and they give up on the idea, thinking it can never be a reality for them.

But here at H.O.P.E. we help people get into homes of their own every day. This is because we know the most common reasons why people get stuck in the renter’s cycle and we know how to help them out of it.

We find that most people in our program rent for 1 of 2 reasons. Their credit is unhealthy, or they need more income to qualify for a home loan. If you would like to rent or buy a home, and these reasons apply to you, The H.O.P.E. Program can help. We have credit repair resources, which are combined with credit training. We also offer assistance in applying for the continued education grant, which could supply you with up to $5645 towards schooling. Going back to school can get you the advanced training you need for a better job.

Follow the link and fill out the free form to get started.