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There are more and more stories circulating through the newspapers and television shows about people struggling with maintaining a good credit score and solid credit history. Seems like times are changing a bit and the stigma of a financial struggle isn't as harsh as it used to be. More and more people are looking for help and advice at improving their credit and getting out of debt. This is a good turn of events in an otherwise touchy area. It means people are looking to educate themselves about their finances and work on improving them.

Also in the news these last few months, the housing market. There are a lot of houses on the market and prices right now are low. Consumers mistakenly believe that there is no money for mortgages if you have had credit issues in the past but the truth is that is simply not true. If you apply now with not-so-perfect credit scores, you may find financing, just at a higher rate than you would like to pay. There are some things you can do now to help you get a mortgage and get a bargain home price in the process.

Get Your Credit Report and Score
MyFico.com will give you access to your credit score and you can get your free annual credit report at annualcreditreport.com. Request your score and report from either one or both credit reporting agencies, TransUnion and Equifax. Review the contents and your score to know where you stand. If you score is below 720, you might have to put a little bit of work into boosting your credit before applying for a loan so you can get the best rates.

Improve Your Credit
Your credit score report will likely give you guidance as to how you can improve your score. Start by making all of your monthly payments on time each month and focus on paying down your debt as fast as you can. A credit counselor can help you devise a plan to eliminate debts and be able to save money for your downpayment on a house.

Shop for a Mortgage Lender
If you don't have time to wait for your credit to improve, you can still shop for a mortgage and take your chances at a denial or at least a higher interest loan. There are some mortgage companies that will work with you, even with not perfect credit. Just be careful of lenders who only want to make money from you in high interest rates.

Find a Co-Signer
Perhaps you have had some bad luck in life that has affected your credit. You might have a family member or benefactor with great credit who would be willing to co-sign a loan with you. You might get a much better rate than if you did it on your own. The only drawback is the added responsibility of ensuring your co-signer you will make the monthly payment. If you default on your mortgage payments, your cosigner will then be responsible for your debts.

Find Someone Else to Apply
If your credit is so poor that no company will offer you financing, you may need to have a relative take the mortgage loan out for you. This may not be the best option, especially as personal relationships go, but it is in option some people are privileged to have available to them.

Low credit scores do not necessarily mean no dice when it comes to taking out a mortgage. You may have to pay higher rates and may not be able to finance as much as you would like to had you had good credit ratings but you still have options to consider and explore before investing in a home purchase.

Learn more about this author, JQ Adams.
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