

5 Ways To Buy A Home With Bad Credit
If you're looking to buy a home but fear that you won't be able to due to bad credit, you aren't alone. While the question might be, "Can I buy a home with bad credit?", you might be surprised to learn that the answer isn't as implausible as you might think. The average credit score for home buyers in America is at a staggering high of 731, but most home buyers can qualify for conventional loans with a credit score of at least 620. If your credit score falls below 620 or you lack a credit history all hope for owning a home is not lost.
Luckily, there are numerous paths you can take to become a homeowner.
1.Delay Homeownership To Repair Your Credit
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Repairing your credit score is easier said than done, but if you're not in a race to own a home this might be your best option. If you're aiming to apply for a conventional loan, then reaching a FICO credit score above 620 should be a priority. The higher your credit score, the more likely creditors will extend credit and you'll face lower interest rates. Review your full credit report, dispute any errors, and make plans to make on-time payments for existing debt. If you're feeling overwhelmed, consider hiring a credit counselor who's experienced with repairing credit.
2.Accept High-Interest Rates
If you have bad credit, accepting a high mortgage interest rate is a possible solution for your homeownership woes, but it may come to haunt you in the future. Mortgage lenders consider your credit score when deciding you qualify for a loan and determining your interest rates. A high credit score signifies to credit lenders that you're less likely to default on your mortgage loan, so they provide lower interest rates. When your credit score is low, lenders perceive lending to you as a risk and require a high interest rate to offset the extra risk they're taking on. In the long-term, these higher interest rates can lead to you paying thousands of dollars more in mortgage payments than if you had a low interest rate.
3.Save For A Large Down Payment
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When you make a down payment on a house, that means you are paying a lump sum amount upfront to purchase a house. A down payment is usually expressed as a percentage of the full price of the house, and the minimum down payment varies depending on the lender and personal credit history. But, choosing to pay a downpayment of 20% can improve your odds at qualifying for a decent mortgage rate from a conventional lender, despite having bad credit.
4.Consider An FHA Loan
FHA loans are insured by the Federal Housing Administration and protect lenders from defaults on payments. This protection makes it easier to meet lender qualifications and results in lenders providing lower interest rates. This is a perfect option for borrowers who have a credit score of at least 580. To qualify for FHA loans, there is a typical requirement of a minimum of 3.5%. A great part about an FHA loan is the ability to still qualify for a loan despite a history of bankruptcy or other financial problems.
If you're thinking about applying for an FHA loan, it's good to know that they're available with 30-year or 15-year terms. Pretty much, you're estimated to pay off your loan within 30 or 15 years with regular payments depending on the loan term you choose. Also, you have the option to receive fixed or adjustable rates on your loan.
5.Take Advantage Of Seller Financing
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Taking advantage of seller financing is a phenomenal option for someone with lackluster credit because it doesn't involve a bank. The seller and buyer make the payment arrangement between themselves and the seller finances the purchase for the buyer. When purchasing a home through seller financing, it's important to hire professionals to draw up a promissory note and contract stating the interest rates, payment schedule, and payment default consequences. This method of financing doesn't involve a transfer of principal from buyer to seller, but it's an agreement that the buyer will pay a sum of money over an agreed-upon period.
For some people, the purchase of a house might be the biggest purchase they'll ever make. Owning a house is seen as a sign of financial stability and it's associated with the "American Dream" causing people to hastily buy a house. People may rush into buying a house, but it's still a major commitment that shouldn't be taken lightly, regardless of your credit history.
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Aaliyah Sydonie Williams is a lover of pomegranates, intimate concerts, fluffy socks and all things R&B. She's a founder of a college advice blog, Her Little Corner, where she dishes helpful advice for college students to slay their college experience. When Aaliyah isn't eating at Starbucks, she's studying for her courses in finance, discovering new spots in the city, and brushing up on her photography skills. Keep up with her at Aaliyah Williams (@aaliyahsydonie).
Exclusive: Gabrielle Union On Radical Transparency, Being Diagnosed With Perimenopause And Embracing What’s Next
Whenever Gabrielle Union graces the movie screen, she immediately commands attention. From her unforgettable scenes in films like Bring It On and Two Can Play That Game to her most recent film, in which she stars and produces Netflix’s The Perfect Find, there’s no denying that she is that girl.
Off-screen, she uses that power for good by sharing her trials and tribulations with other women in hopes of helping those who may be going through the same things or preventing them from experiencing them altogether. Recently, the Flawless by Gabrielle Union founder partnered with Clearblue to speak at the launch of their Menopause Stage Indicator, where she also shared her experience with being perimenopausal.
In a xoNecoleexclusive, the iconic actress opens up about embracing this season of her life, new projects, and overall being a “bad motherfucker.” Gabrielle reveals that she was 37 years old when she was diagnosed with perimenopause and is still going through it at 51 years old. Mayo Clinic says perimenopause “refers to the time during which your body makes the natural transition to menopause, marking the end of the reproductive years.”
“I haven't crossed over the next phase just yet, but I think part of it is when you hear any form of menopause, you automatically think of your mother or grandmother. It feels like an old-person thing, but for me, I was 37 and like not understanding what that really meant for me. And I don't think we focus so much on the word menopause without understanding that perimenopause is just the time before menopause,” she tells us.
Gabrielle Union
Photo by Brian Thomas
"But you can experience a lot of the same things during that period that people talk about, that they experienced during menopause. So you could get a hot flash, you could get the weight gain, the hair loss, depression, anxiety, like all of it, mental health challenges, all of that can come, you know, at any stage of the menopausal journey and like for me, I've been in perimenopause like 13, 14 years. When you know, most doctors are like, ‘Oh, but it's usually about ten years, and I'm like, ‘Uhh, I’m still going (laughs).’”
Conversations about perimenopause, fibroids, and all the things that are associated with women’s bodies have often been considered taboo and thus not discussed publicly. However, times are changing, and thanks to the Gabrielle’s and the Tia Mowry’s, more women are having an authentic discourse about women’s health. These open discussions lead to the creation of more safe spaces and support for one another.
“I want to be in community with folks. I don't ever want to feel like I'm on an island about anything. So, if I can help create community where we are lacking, I want to be a part of that,” she says. “So, it's like there's no harm in talking about it. You know what I mean? Like, I was a bad motherfucker before perimenopause. I’m a bad motherfucker now, and I'll be a bad motherfucker after menopause. Know what I’m saying? None of that has to change. How I’m a bad motherfucker, I welcome that part of the change. I'm just getting better and stronger and more intelligent, more wise, more patient, more compassionate, more empathetic. All of that is very, very welcomed, and none of it should be scary.”
The Being Mary Jane star hasn’t been shy about her stance on therapy. If you don’t know, here’s a hint: she’s all for it, and she encourages others to try it as well. She likens therapy to dating by suggesting that you keep looking for the right therapist to match your needs. Two other essential keys to her growth are radical transparency and radical acceptance (though she admits she is still working on the latter).
"I was a bad motherfucker before perimenopause. I’m a bad motherfucker now, and I'll be a bad motherfucker after menopause. Know what I’m saying? None of that has to change. How I’m a bad motherfucker, I welcome that part of the change."
Gabrielle Union and Kaavia Union-Wade
Photo by Monica Schipper/Getty Images
“I hope that a.) you recognize that you're not alone. Seek out help and know that it's okay to be honest about what the hell is happening in your life. That's the only way that you know you can get help, and that's also the only other way that people know that you are in need if there's something going on,” she says, “because we have all these big, very wild, high expectations of people, but if they don't know what they're actually dealing with, they're always going to be failing, and you will always be disappointed. So how about just tell the truth, be transparent, and let people know where you are. So they can be of service, they can be compassionate.”
Gabrielle’s transparency is what makes her so relatable, and has so many people root for her. Whether through her TV and film projects, her memoirs, or her social media, the actress has a knack for making you feel like she’s your homegirl. Scrolling through her Instagram, you see the special moments with her family, exciting new business ventures, and jaw-dropping fashion moments. Throughout her life and career, we’ve seen her evolve in a multitude of ways. From producing films to starting a haircare line to marriage and motherhood, her journey is a story of courage and triumph. And right now, in this season, she’s asking, “What’s next?”
“This is a season of discovery and change. In a billion ways,” says the NAACP Image Award winner. “The notion of like, ‘Oh, so and so changed. They got brand new.’ I want you to be brand new. I want me to be brand new. I want us to be always constantly growing, evolving. Having more clarity, moving with different purpose, like, and all of that is for me very, very welcomed."
"I want you to be brand new. I want me to be brand new. I want us to be always constantly growing, evolving. Having more clarity, moving with different purpose, like, and all of that is for me very, very welcomed."
She continues, “So I'm just trying to figure out what's next. You know what I mean? I'm jumping into what's next. I'm excited going into what's next and new. I'm just sort of embracing all of what life has to offer.”
Look out for Gabrielle in the upcoming indie film Riff Raff, which is a crime comedy starring her and Jennifer Coolidge, and she will also produce The Idea of You, which stars Anne Hathaway.
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Victoria Monét Opens Up About Feeling ‘Validated’ Months After VMAs Turned Her Down To Perform
Victoria Monét has had an incredible year. Thanks to the success of the widely popular “On My Mama” that went viral, the singer/ songwriter’s Jaguar II album debuted in the top 10 of Billboard’s Top R&B Albums chart. She also went on to headline her own sold-out tour. So, when the MTV VMAs happened in September, everyone was surprised to learn that Victoria’s team was told that it was “too early” for the “Smoke” artist to perform at the award show. However, a couple of months later, the mom of one received seven Grammy nominations, including “Best R&B Album” and “Record Of The Year.”
Victoria is currently in London and stopped by The Dotty Show on Apple Music and shared how she feels “validated” after being dismissed by the VMAs.
“It really does feel nice and validating because, in my head, the reason why I wanted to be a performer at the VMAs or award ceremonies like that is because I felt like I am at the place where I should. I would work really hard to put on the best show that I could, and I was excited to do so,” she said.
“And I guess the best way to describe it for me is like when you're like on a sports team, and the coach is like, ‘No, you gotta sit this one out.’ When they finally put you in, and then you score all these points, and it feels like that feeling. You're like, yes, I knew it wasn't tripping, but I knew I worked hard for this, and so it's been super validating to just have these accolades come after a moment like that, and I know the fans feel vindicated for me.
While her fans called the VMAs out on their decision, the “Moment” singer kept it cute and is still open to performing at the iconic award show. “I feel no ill towards them because it's just maybe that's just truly how they felt at the time, but I hope their mind has changed,” she admitted.
Aside from recognition from the Grammys, she has also received praise from legendary artists such as Janet Jackson, Kelly Rowland, and Usher.
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Feature image by Amy Sussman/WireImage for Parkwood