Does debt settlement affect buying a house? You don’t have to worry if that question has been on your mind lately. Yes, your debt settlement will be on your credit record and history in the next seven years, but it will not stop you from buying a house. You must prove to your mortgage officer that you can pay your monthly obligations and are good to go.
It might not be wise to apply for a debt settlement and buy a house immediately, as lenders may not want to work with you yet. You must understand that lenders will see you as a significant financial risk. So what do you do? Save right after your debt settlement approval. It may take some time, but you need to discipline yourself financially by saving money for your down payment.
Here’s what you can do while waiting for your dream house to become a reality:
Does debt settlement affect buying a house? It may, but it doesn’t have to if you start doing something about improving your financial health.
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