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
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
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
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).
This was first evident more than a decade ago when she quit her job as the corporate executive of a Fortune 500 company during a Periscope livestream. “I’m not sure if there’s an alignment of [our] future trajectory. I’m going to work for myself. I'm promoting myself to work for myself,” she said at the time before flashing a smile at the viewing audience. As she resigned on camera, a constant stream of encouraging messages floated upwards on the screen.
By 2021, she’d fashioned her work as a corporate consultant and her personal life with her husband and three adopted daughters into a reality show, She’s The Boss, for USA Network. This year, she released the New York Times bestselling memoir Nothing Is Missing, written as she was in the process of getting a divorce and dealing with her eldest daughter’s struggles with substance use.
Convinced that there’s no way the 39-year-old has achieved all of this without intentional strategic planning, I asked her about it when we spoke less than a week before Christmas. I’d seen videos on social media of her working on 2024 planning for other brands, and I wanted to know what that looked like following her own year of success.
She listed a number of goals, including ensuring that the projects she takes on in the new year align with her identity “as a Black woman, as an African woman, as a mother, as someone who has lived a [rebuilding] season and is now trying to live boldly and entirely as themselves.” But, I was shocked by how much of her business planning also prioritized rest.
Despite the bestselling book, a self-titled podcast, and working with numerous corporations, Walters said she’s been taking Fridays off. This year, she doesn’t want to work on Mondays, either.
“A lot of us think we work hard until retirement hits. I want to progress towards retirement,” she said, noting that she’ll check in with herself around March to see how successful this plan has been. The goal, Walters said, is to only be working on Tuesdays and Thursdays by sometime in 2025. “It is intentionally building out what I know I would like to have happen and not waiting for exhaustion to be the trigger of change.”
"A lot of us think we work hard until retirement hits. I want to progress towards retirement... It is intentionally building out what I know I would like to happen and not waiting for exhaustion to be the trigger of change."
Walters said the decision to progressively work less was partially in response to her previously held notions about her career, especially as an entrepreneur. “When I first started, I thought burnout was a part of it,” she said. “What I didn’t realize is that even if you’re able to bounce out of burnout or get back to it, there’s a cumulative impact on your body. If you think of your body as a tree and every time you go through burnout, you are taking a hack out of your trunk, yes, that trunk will heal over, and the tree will continue to grow, but it doesn't mean that you don’t have a weakened stem.”
But, the desire for increased rest was also in response to the major shifts that occurred three years ago when she was experiencing major changes in her family and realized her metaphorical tree was “bending all the way over.”
“One of the things we have to recognize, especially as Black women, is that there is this engrained, societal, systemic notion that our worth is built around our productivity,” she added. “That is some language that I think is just now starting to really get unpacked.” In recent years, there’s been an increased awareness of achieving balance in life, with Tricia Hersey’s “The Nap Ministry” gaining attention based on the idea that rest, especially for Black women, is a form of resistance. Even online phrases such as “soft life” and “quiet quitting” have hinted at a cultural shift in prioritizing leisure over professional ambition.
"One of the things we have to recognize, especially as Black women, is that there is this engrained, societal, systemic notion that our worth is built around our productivity."
If companies are lining up to consult with Walters about their brands and products, then women have been looking to her for guidance on starting over since she invited them to livestream her resignation 12 years ago. As viewers continue to demand more from content creators in the form of intimate, personal details, Walters has navigated her personal brand with a sense of transparency without oversharing the vulnerable details about her life, especially when it comes to her family.
The entrepreneur said she’d been approached to write a book for several years and was initially convinced she was finally ready to write one about business. “I started to do that, and then I went through my divorce. When that happened, I said, why would I write a book telling people to get the life that I have when I’m not sure about the life that I have,” she said.
Instead, she decided to write Nothing Is Missing and provide a closer look at her life, starting with being born to immigrant Ghanaian parents (“You need to know my childhood to know why I’m passionate about entrepreneurship.”) through the adoption of her three daughters and eventual divorce. Despite her desire to share, however, she said she felt protective of the privacy of her family, including her ex-husband.
When discussing this with me, Walters said she was reminded of a lesson she learned from actress Kerry Washington, who released her own memoir, Thicker Than Water, just a week before Walters’ book release. Washington’s memoir grapples with family secrets, too, specifically the fact that she was conceived using a sperm donor and didn’t learn about it until she was already a successful TV star. While Washington reflects on how the decision and subsequent deception impacted her, she’s also careful to hold space for her parents’ experiences, too. “A lot of things she said was that she had to recognize where she was the supporting character and where she was the main character,” Walter said.
This is something Walter worked to do in Nothing Is Missing when discussing her daughter’s struggles with addiction. “I was very intentional about making sure that I did not reveal more than what was required,” she said. “If I say something about someone’s addiction, I don’t need to go into the list of the substances they used, how they used them, what I found. [I don’t need to] walk into a room and paint a picture of what it looked like for people to understand.”
Walters said some of the most vulnerable moments in the book barely made a ripple once it was released. She was extremely nervous to write about getting an abortion, she said. But no one has asked her about this in the months since the book was released. Instead, people have been more interested in quirkier revelations, such as the fact that she once appeared on Wheel of Fortune.
“I have bared my soul about this thing I went through in my youth that has changed me for people, and people are like, ‘So how heavy was the wheel when you spun it?’” she said, chuckling. “It just goes to show that people never worry about the thing that you worry about.”
With the success of Nothing Is Missing, Walters said she still isn’t planning to release a business book at the moment. But, as she navigates parenting a teenager and two adult children while also navigating a relationship with her new fiancé, Walters said she believes she has at least one or two more books to write about her personal journey. “There is sort of an arc of where my life has gone that I know I’ve got something more to say about this that I think is important, relevant and necessary,” she said.
In just three years, Walters’ life has undergone a major transformation. There’s no telling what the next three years will have in store for her, but it seems likely she’ll retain an inspired audience wherever life takes her.
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Throughout centuries, signs of fortune and wealth have been depicted through a louder, more luxurious appearance. From precious jewels to the finest furs, elites have been able to speak a common language through fashion and extravagance. In 2024, when money talks, it's loud with monogram logos and large graphics.
Wealth whispers, screaming effortless taste and style. A low-key approach to luxury, it can be described as an "anti-trend" by maintaining the same aesthetic characteristics over the years, focusing on quality, design, and polished craftsmanship.
What Exactly Is Quiet Luxury?
Quiet luxury is rooted in understated heroes, exuding power and sophistication. It's the subtle details with a minimalist aesthetic that portray passion, confidence, and wealth. Think Sabrina Elba meets Jasmine Tookes with a hint of Michelle Obama. Whether day-to-day shopping, cocktail parties, or a casual day out, it’s more than style. Quiet luxury is a state of mind, a way of life that anyone can aspire to.
Muted colors such as black, brown, and beige are at the core of quiet luxury, with minimal hardware and discreet logo-less designs that give off its sophisticated, anonymously chic appeal.
Rich Wife Aesthetic: Sabrina Elba exuding quiet luxury as she attends Paris Fashion Week.
Darren Gerrish/Getty Images for Victoria Beckham
To achieve the rich-wife aesthetic, less is more with quality, timeless designs, fine everyday jewelry, and designer denim. With these attributes, the key to achieving quiet luxury is not being influenced by trends but gravitating towards statement pieces that are essential and more sustainable.
Need more defining features of rich-wife energy? Below, see what they’re wearing to master this subtle chic way of life.
Mastering the Quiet Luxury Aesthetic: The Blazer
A quality blazer is a staple that is worth investing in. No matter the season, a structured luxe look can be easily achieved with an oversized silhouette with a matching trouser, straight-legged denim, or a dress along with statement jewelry or a classic watch. The possibilities are both easy and endless.
Jasmine Tookes shows a quality blazer is worth the investment.
Mastering the Quiet Luxury Aesthetic: The White Button Down
A simple yet powerful item to include on your list of rich wife essentials is a button-down collared shirt. This core item is worth seeking a quality fit and material to achieve the right look. Tuck in or leave out for an effortless feel, from resort wear to an everyday casual look.
A white button down is a simple yet powerful staple to include in your rich wife essentials.
Mastering the Quiet Luxury Aesthetic: Denim
Denim is a staple in everyone's wardrobe; however, fit and quality are what separates the rich mom aesthetic from others. Pair a straight-leg pant with denim or a white button-down with a loafer and oversized tote for a conspicuously chic moment.
Quality is what separates how quiet luxury does denim from the others.
Edward Berthelot/Getty Images
Mastering the Quiet Luxury Aesthetic: Overstated Wool Coat
Just because it's quiet doesn’t mean there can’t be any statements. The underestimated power of a quality wool coat demonstrates true style and elegance. Layer with a wrap-around oversized scarf is the cherry on top of a minimal masterpiece.
Nothing says true style and elegance quite like a wool coat.
Vittorio Zunino Celotto/Getty Images for Gucci
Mastering the Quiet Luxury Aesthetic: The Shopper
RIP to the mini bag; oversized totes are back and bigger than ever. With intricate details and textured designs, there’s a level of maturity and sophistication when splurging on a designer shopper. Style with a wool trench, denim jeans, a white tee, and casual sneakers for an on-the-go luxe look.
Lingeer (L) and James Corbin (R) serve muted looks without sacrificing personal style during Paris Fashion Week.
Jeremy Moeller/Getty Images
Mastering the Quiet Luxury Aesthetic: The Slingback Heel
The epitome of class, the slingback is a conservative yet elegant heel. Layer with stockings or wear with long-length denim for a range of occasions. Details are extremely important, especially for an individual take on the style. Look out for hardware and heel silhouettes for a more modern option.
The epitome of class, Emilie Joseph demonstrates how to rock the conservative yet elegant slingback heels.
Edward Berthelot/Getty Images
Mastering the Quiet Luxury Aesthetic: Knitted Maxi Dress
A maxi dress is worn during any part of the year, no matter the season. A long-length blazer or wool trench is the perfect top layer. Pair with chunky clogs or keep it simple with a calf boot and statement earrings.
Mastering the Quiet Luxury Aesthetic: Soft Cargo Pants
The cargo pants are having a long run and not letting up any time soon. Doubling as a trouser, the comfort and utility of the wide straight leg is a no-brainer in the quiet luxe category. Pair with high heels or boots for a slightly edgier take on the look.
The cargo pants are here to stay, and they absolutely give in the category of rich wife aesthetic.
Valentina Frugiuele/Getty Images
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