Texas is also a place that is perfect for
those who want to live in the Old Wild West. Wine lovers can say goodbye to
California for Texas is said to be the “killer wine country”. Many of the
American citizens love to visit Texas once in a while to experience all their
natural gems, like the beautiful river walk of San Antonio. With Texas’s wonderful
culture and nature, many have considered moving here. However some willing to
buy a house are having problems applying for a loan, because of their bad
credit ratings.

• Display other assets– if prospective homeowners do not have
  a large amount of cash or a large down payment, they could opt to show other
  financial assets. One example is available life insurance. In other words,
  buyers can apply for a loan by listing the cash value of their own home loan
  application. Other retirement accounts can count as well, by listing their
  current values. Using the assets available strategy will show a lender that the
  buyer is serious about paying off the loan.
• Give emphasis to job stability– Even with bad credit, new
  buyers can offset it by highlighting the stability of their long-term work
  situation. They should not forget to mention any raises they have received, the
  increase in their cost of living for two years and their annual merit pay. They
  also should include their income raises over the past years of employment.
• Demonstrate discipline- Borrowers need to prove to their
  lenders that their bad credit is a thing of the past and they have learned how
  to save. They could try showing discipline and consistency with their monthly
  savings, including any contributions that would help to obtain a home loan.
• Increase the down payment– In general, the larger the down
  payment, the faster the home loan approval will be. It has been a problem for
  borrowers because most of the time they cannot provide enough money for the
  down payment and closing costs. If they are having a hard time to come up with
  the money, they could check if there are any payment assist programs or local
  municipality programs in their city.
• Consider the amount you can afford- because even though
  there are real estate brokers who will tell you that can afford more house, you
  should really start with a size you can afford. First, homebuyers should spend
  some time browsing a home list in their preferred areas and settle with the
  thought that you can always move to a larger house later. It is still better to
  own a home you can afford, than be hit with another bad credit rating and
  possibly lose the house down the road.

Dennis Dahlberg

Broker/RI/CEO/MLO