7 of the Biggest Threats to Homeownership ...


You want to buy a house, but you're not sure if you qualify for a mortgage loan. This is a normal concern, especially since mortgage lending standards have become tighter in recent years. But the fact that it's harder to get a mortgage doesn't mean you shouldn't try. If you're determined to buy your own place, it can happen. However, it's important that you recognize the biggest threats to homeownership. This way, you can plan accordingly and realize your goal sooner.

1. Bad Credit

Mortgage lenders will check your credit report before approving your mortgage loan application. If you have bad credit, this can prevent an approval. Bad credit can include a history of paying your bills late, collection accounts, judgments or other problems like foreclosure or bankruptcy. You need a minimum 680 credit score to get a conventional mortgage. Pay your bills on time and pay off debt.

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