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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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