A lot of people worry about whether or not their credit is good enough to get a home loan. What many people do not realize is that there are very few individuals who have perfect credit. Also, many people do not realize that “bad credit” is a vague, subjective term that can mean one thing one year and a completely different thing the next year. In other words, what constitutes bad credit is always changing.
More often than not what constitutes bad credit (or credit that is not good enough to meet the requirements of a home loan) is dictated by the housing market lenders and the general housing market itself. In other words, in a tight market a borrower would need a better credit history and score than he or she would need in a loose market when lenders are making more loans based on lower credit worthiness issues. With this being the case the best place to begin is to see how bad your credit really is.
By law you are entitled to one copy of your credit report from each of the three main reporting agencies per year. You should get a copy from each and look at each one carefully. If you see mistakes or if you see omissions, you should ask for...
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