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 going to be sharing with you the answer. If you want to get a home loan but you don't have good credit, you're wondering and probably watching this video because you want to know exactly how to do that. And today, I'm going to share with you 3 different ways, okay? 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 between 1,000 and 2,000. And in a matter of months, usually 2, 3 or 6 months, they're able to go on to the credit bureau and refute some of the things that have created a 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. So, whether it was legitimate or illegitimate why the 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 and thinking, but Kris, I don't want to write a 1,000 or 2,000 dollar check. And I want something even faster. Okay, 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 co-signing. 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 out 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 trusts 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 and thinking, but Kris, I don't know anyone that would take on that amount of debt or I don't know if have anyone that that is in my world that would trust me that way. Okay, I got it. So, we don't have the one or two thousand dollars for credit repair maybe. We might have the person that will go ahead and get the loan. So, I'm going to 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 through a lease option. Okay, so here's the deal on a lease option. There are homeowners 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 got to be flexible because it's not like you have to be choosing and pick the exact house that you want. But you can find a house with equity in it. When you make your monthly payments just like as 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. Number 2. And then when you're doing that, what you're really doing is buying time. Because you're getting a house now but you're what you're 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 am 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 lease 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'd 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 five-year contract or a one-year contract. Give yourself time. Number one problem with the 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 purchase 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 two years, I can refinance it. If you 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 then two, three years later when you refinance it or 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.