Tag Archives: Housing

Home Loans: How to Apply with a Bad Credit

Personal loan application with approved stampApplying for a home loan is not easy. Not only do you need necessary documents, you also need to have a good credit standing. This is the part where many people find it hard to comply. With inflation rates and economy fluctuating, it can be hard to make ends meet at one point in time. More often than not, bad credit discourages people to apply for home loans, which should not be the case.

You can apply for a home loan in Guilford and other states even with a bad credit. It might be a bit challenging, but it is possible to get approved.

  1. Honest credit evaluation

The first step in understanding your credit is by having an honest credit review. A credit report will help you understand what you did wrong and therefore, help you bounce back from it. This is also needed when you apply for a home loan.

  1. Take your time

Lenders will not keep you on the blacklist forever just because you had a bad credit standing Take your time and build your credit standing up while doing so. A year of successful payments and debt reduction will definitely help. Others, wait at least two years after bankruptcy or three years after a foreclosure to be eligible for a mortgage again.

  1. Loan type

The government knows that not everyone can get a good credit. That’s why there are certain loan types specifically made to accommodate people who have a bad to barely good credit standing. Ask your lender what type of loans you can apply with your credit score. There might be more requirements needed from you, to prove that you can pay. But, such loan types can be approved.

Do not let your bad credit pull you down. Rise up and see what you can do to get your finances in order while at the same time get the loan that you need.

Rents in Downtown Salt Lake Rise Amid Increased Number of Apartments

Couple with a newly bought houseRenters in downtown Salt Lake City may have more choices for properties due to an increasing number of apartment projects, but rents are also on the rise.

The boom in apartment construction stems from more people moving into the downtown area, according to Kip Paul, executive director of investment sales for Cushman Wakefield Commerce. The growing demand for apartments has caused a 6.5% increase in rents over the course of 2016, Paul said.

Rental Rates

Paul noted that the increase in rents last year is on top of rental growth of up to 5% in the last seven or eight years. As of mid-September, as much as 6,500 units are being constructed in Salt Lake County. Despite some units being marketed on the low-priced range, some renters believe that there no such properties.

These renters have struggled with the decision to find a cheaper place that is farther away from work or a more expensive unit yet closer to their jobs. Despite the situation, renters in the city still pay more affordable rates compared to their counterparts in Denver, Phoenix and Los Angeles, according to Paul.

Home Purchase

By 2020, there would be an additional 10,000 units in Salt Lake City, although the question remains if these will be affordable. The high price of rents could be a good reason to buy a house instead. American Loans notes that first-time buyers, in particular, should apply for a mortgage in Salt Lake City to help with their financing options.

Property developers also recognize the need to build more low-cost apartments. These companies work with private investors and state funding to earn tax incentives for developing affordable units, according to Paul.

As rents in downtown Salt Lake City increase, it may make more sense to buy homes now. Homebuyers, especially first-timers, should consider financing options to help with their home purchase.