Real Estate Community Forum

I have made some poor choices in the past. There have been times when I was late with my credit card payments and a few late payment fees that have been added to my accounts. All this has caused my credit score to go down . I've been told that the housing market has changed dramatically and it is much more difficult to be approved for a home loan. When I heard this, my dream of owning a home seemed to drop. Do I have any chance of owning a home even though I have bad credit? Is there any hope for me?

There's always hope although achieving your goal of being a homeowner make take some time. I would meet with a mortgage professional who can advise you further on what you can do to rebuild your credit in order to qualify.

If you have bad credit and wish to eventually own a home, I suggest that you start paying off your over due bills and start rebuilding your credit. Basically, you need to demonstrate that you have changed your spending habits and you are being a more responsible person by paying your bills in a timely manner. Banks like to see that you are making these changes and you are being more responsible with your money. Once you have demonstrates this, you should go back to the bank to apply for a loan. You will have a much better chance getting approved for a loan once they see a positive change in your payment history.