Here’s the Video Transcript:
How to get a home loan when you have bad credit? This is a fantastic question. And today on Limitless TV, I'm gonna be sharing with you the answer. If you want to get a home loan but you don't have a good credit, you're wondering and probably watching this video cause you want to know exactly how to do that. And today, I'm gonna share with you three
different ways. 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 $1,000 and $2,000 and in a matter of months, usually 2 – 3 or
6 months, They are able to go on to the credit bureau and refute some of the things that
have created the 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. Whether it was legitimate or illegitimate
why their 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 thinking,
but Kris I don't want to write a $1000 or $2000 check and I want something even faster. Ok 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 cosigning. 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 on 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 trust 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 thinking,
but Kris I don't know anyone that would take on that amount of debt or I don't know if
I have anyone that is in my world that would trust me that way. Ok I got it. So we don't have the $1,000 or $2,000 for
credit repair maybe. We might have the person that would go ahead
and get the loan, so I'm gonna 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 thru
a lease option. Ok so here's the deal on a lease option. There are home owners 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 gotta be flexible, because it's not like you get to be picky and choosy, with
the exact house that you want.
But you can find a house with equity in it,
when you make your monthly payments, just like 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. And then #2. When you are doing that, what you are really
doing is buying time. Because you are getting a house now, but what
you are 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'm 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 least 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 would 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 5 year contract or a 1 year contract. Give yourself time. Number 1 problem with this 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 purchasing 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 2 years, I can refinance it. If you've 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 2 or 3
years later when you refinance it, or are 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..