How To Get A Home Loan With Bad Credit

How to get a home loan when you have bad credit? This is a fantastic question And today on Limitless TV, I'm gonna be sharing with you the answer

If you want to get a home loan but you don't have a good credit, you're wondering and probably watching this video cause you want to know exactly how to do that And today, I'm gonna share with you three different ways The first way that I want to share with you, it's not very exciting It's called credit repair There are reputable companies out there that the good ones will charge $1,000 and $2,000 and in a matter of months, usually 2 – 3 or 6 months, They are able to go on to the credit bureau and refute some of the things that have created the bad credit

And what they'll do is they'll bring a legal team to the table and lawyers And these lawyers know how to write letters that these credit bureaus and companies are not prepared to respond to so they have to drop it Whether it was legitimate or illegitimate why their credit isn't good, frankly credit repair is something with a reputable company that can take care of that for you But today you might be sitting here thinking, but Kris I don't want to write a $1000 or $2000 check and I want something even faster Ok I get it

So here's option number 2 Have someone else secure the loan for the property that you want to get Now this is different than cosigning I'm not suggesting that you take bad credit plus good credit equals good loan No, bad credit plus good credit mixes and creates not so good credit

So instead, you need time to work on your credit and make sure you got a plan for that Eventually, do that credit repair thing, keep your nose clean Watch some of my other videos on how to manage your credit But what I want you to do is, think, who do you know in your life that loves you? that cares about you? that trust you? that would basically get the loan and then let you use the house That's a very fast option But again, you might be sitting here thinking, but Kris I don't know anyone that would take on that amount of debt or I don't know if I have anyone that is in my world that would trust me that way

Ok I got it So we don't have the $1,000 or $2,000 for credit repair maybe We might have the person that would go ahead and get the loan, so I'm gonna share with you something really cool This is my favorite This is the one that I would use

If I lost everything, if I had bad credit, if I had no money but I wanted to get right back into a home, then I would do it thru a lease option Ok so here's the deal on a lease option There are home owners out there, and there are investors out there And what they want to do is they are looking at putting you in the home, not just as a renter, but doing like a rent to own Or what's called a lease option Or what's also called seller financing And basically this is an unconventional way of getting into a house

So for example, there's a house out there, and, you gotta be flexible, because it's not like you get to be picky and choosy, with the exact house that you want But you can find a house with equity in it, when you make your monthly payments, just like if it were to a bank, you could say "hey, every time I make a payment on time, I want some of the money to credit towards the purchase price of the house And then #2 When you are doing that, what you are really doing is buying time Because you are getting a house now, but what you are saying is, I'm buying time to be able to repair my credit, or let something drop off my credit, and ultimately allow myself to get into a house

And have all the full rights of ownership today I'm a huge fan of seller financing and lease options And you've got a link to my book below, and I want you to read it because it's all about the least option system, and it's all about exactly how it works And I've got all sorts of tools in there that will help you But if I had to start all over guess what? If I had bad credit, that is exactly how I would get into a house, is I would negotiate that

I would make sure that I set the price up front And I would make sure that when I'm being a good steward of the home, and taking care of the home, or fixing it up, that all of that becomes credits that apply towards the time when I eventually buy it The last piece of advice I'd give you on that is, you can do a 5 year contract or a 1 year contract Give yourself time Number 1 problem with this strategy, is you get immediately gratified by being in the house, but you don't take the steps that you need to eventually buy it

So if you put yourself on title This is the strongest position, that some people will let you do, and some won't If you get added to title, what it means, is that you can refinance the home instead of purchasing the loan And a refinance loan is always way easier to get, than a purchase price loan So that would be the cake topper, of, get me on there so that within 2 years, I can refinance it

If you've got bad credit do yourself a favor Make sure you're going through the process, and keep your eye on the ball, of getting your credit repaired Because once you buy it from them, you advanced yourself all the benefit of having the house today, and when you bought it, then 2 or 3 years later when you refinance it, or are able to qualify to purchase it, it's now yours And you didn't have to wait for your credit to get good Okay, to make this lease option thing work, you need some contract training

Come out to my Limitless Wealth Intensive Get the contracts, get everything you need, and get the training, so that you can get yourself right into a home, whether you got good credit, or bad credit, right now Click the link below, and go ahead and put the request in My team will reach out and get you the dates of our next event