When you have less than a 620 FICO credit score or eviction history, acquiring a home can be difficult. Thankfully there are many resources today to help assist with securing a home for yourself. Below we'll start with cleaning up your finances & credit (which will present the widest range of housing options in the short & long term), then proceed to preparations for those with existing negative history that can't be cleaned up fully in time for a move.
I. Get Your Finances & Credit in Order:
Clean Up Your Credit
Establish & Stick to a Budget
If Your Credit Score is Below 720, Use Debit Cards
Have an Emergency Fund
Have Funds for a Double Security Deposit
Avoid Bad Debt
If You Have Debt, Use the Debt Snowball
Get Educated on Taxes & Ways to Save
Increase Your Income
Seek Rental Assistance
Build Credit Via Rent
II. Prepare for tenancy in non-financial/credit capacities:
Some Rules Might not be Written in Stone, Especially When Strategies Below are Combined
Consider Prepaid Rent if You Have $
Consider a Co-Signer
Consider a Higher Monthly Rate than the Advertised Rate
Look for Unwanted Properties
Consider Craigslist, AirBNB, & the No Credit Filter on MyHousingSearch
Establish a Spreadsheet for Rental Policies by Company &/or Address
Check Whether You Should Rent or Buy
Seek a Flexible Landlord
Have Good References
If Renting With Someone Else, Have The One With The Best Score Apply
Rooms for Rent
Use a Wide Search Area
Consider a Higher Security Deposit or an Alternative to a Security Deposit if you Don't Have the Capital for One.
Related:
Quotes for some of the above from Homesguides.
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About the Author: Adam Garrett - 3rd Generation REALTOR®
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