Mortgages are as natural a part of American life as nearly anything else.  We know the basics, like that we have to choose a low-interest rate and try to pay down the debt as quickly as possible.  Unfortunately, suppose your credit score is meager, and you have a terrible history of making payments or taking care of properties. In that case, some mortgages may even get denied if you’ve had your rental history go poorly.  Here are the best ways to still get a mortgage, but be sure that you’re ready for this big move.

Cosigner

This option is the best one for most people.  Not only does it ensure that you won’t have to have a significant downpayment, but you also get the chance to help with their credit score as well.  Make sure to have an in-depth conversation ahead of time about how much you need, how quickly you’ll pay them back, and how thankful you are for what they’re doing.  Having a cosigner put their name on your home. It’s stressful in a different way because you could ruin personal relationships if you fail to take care of this property.

Large Down Payment

If you have a considerable amount of savings stashed away, now’s the time to fash it.  The larger your down payment can be, the more likely they’ll accept your applications.  It may take some work getting that downpayment if you don’t already have it.  You can use a loan company, a family member, or even a crowdfunding site.  These options aren’t the best and leave you open to criticism, but they can allow you to pay down more.  A large down payment also helps you lower your interest rate so that you’ll pay less in the long term.

Fantastic Work And Bank Account History

If you’ve worked at the same place for fifteen years, or you have a bank and savings account that’s been in good standing for over ten years, a bank may be more willing to hear you out.  Both of these pointers offer the financial institution the chance to look at how reliable you can be.  Be honest if they ask about your score, and let them know that you’re making positive changes to ramp your score back up again.  Often, this may be enough to get you a loan.

Unfortunately, Wait

Although a workaround would be incredible, sometimes credit scores are so low that it’s impossible to get any loan.  The FHA requires all applicants to have a credit score of at least 500, which means that it could block out someone trying to build out of debt.  Sometimes, the best thing you can do is take a year off looking at a seller closing costs calculator instead of focusing on how much you can do to improve.  Great ways to improve your credit are to make monthly payments to past due amounts and to keep a credit card in good standing for as long as possible.  It may be slow progress, but this time spent is a fantastic way to get back into a good place.

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George Meszaros is the editor and co-founder of Success Harbor where entrepreneurs learn about building successful companies. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content. George Meszaros is also co-founder of Webene, a web design and digital marketing agency.