Can You Get a Home Loan If You Have a Felony? Are you thinking about purchasing a new home? Doing so will prove to be well worth it in the long run. Remember that buying a home is a long, complex process. It isn’t as easy as moving into an apartment.
Instead, you’ll need to proceed through several steps until you’re finally ready to close on the house. Then, you can move in. It generally takes a month or longer to finalize the purchase. Plus, you’re going to be scrutinized from start to finish.
In some cases, your criminal history may have an impact on your ability to purchase a home. Are there any home loans for felons? Within this guide, you’ll learn more about purchase a home as a felon.
Can Felons Buy Houses?
Having a felony on your criminal history will undoubtedly hold you back. It can stop you from doing many things, but it doesn’t have to ruin your life. While you can’t buy and own a handgun, you can purchase a home. Even if you’ve been convicted of a felony crime, you can still get a home loan.
Remember that most banks are not going to conduct background checks when determining whether to give loans. Instead, they’re going to focus on the applicant’s credit score.
If you have a good credit score and a felony conviction, the credit score is going to make a big difference. Maintain a good credit score so you can get a home loan regardless of your criminal history.
Can A Felon Get A Mortgage?
Many felons believe that their lives are over. Unfortunately, a felony conviction is going to turn your life upside down. However, you don’t need to let it ruin your life. If you’re willing to work hard, you can overcome every obstacle you encounter.
You might be surprised to learn that this means you can get a mortgage as a felon. Having a felony conviction is undoubtedly going to impact your life in many ways.
The good news is that banks usually don’t check criminal histories before approving mortgage loans. Therefore, there is a good chance that your lender will never find out about your criminal history.
Suffice to say, you don’t need to let your criminal record stop you from buying a home. If you have a good credit score, you can get a mortgage.
See Also: Felon Friendly Apartments
Can Felons Get Loans?
Besides getting a home loan, you may want to get a loan for a business or another purpose. Can you obtain other loans with a criminal record? Ultimately, it may depend on the type of loan you’re trying to obtain.
Above, you learned that you could get a home loan despite being a felon. You’ll also find that felons can get study loans. If you’re interested in going back to school, you’ll need money.
As a felon, you could obtain a student loan to cover the expenses. During the pandemic, the United States Small Business Administration provided forgivable loans to many Americans. The Paycheck Protection Program was very helpful and kept many businesses alive.
Were felons eligible for such loans? Ultimately, it depends on the felon’s status and offense. It was noted that a business would be ineligible if its associate had been indicted for a felony or crime of moral turpitude. Plus, the principal needs to be of good character.
For people who were convicted of felons and certain misdemeanors, a full FBI background check was required. In addition to this, expunged convictions and some non-convictions had to be disclosed during the background check process.
Although there were stipulations, some felons were able to obtain SBA loans. Suffice to say, being a felon doesn’t automatically block you from obtaining other loans.
Can I Get Home As A Convicted Felon?
Most people must obtain a mortgage before they can buy a home. The mortgage will be paid off in many years. Either way, you’ll need to obtain a home loan. Convicted felons can indeed purchase homes. Even if you’re paying cash, you can skip the headache and purchase the house immediately. Alternatively, you might take out a mortgage.
When this happens, your credit score is going to be checked. The lender will not check your criminal history. Therefore, your criminal history is not going to stop you from purchasing a home.
Be sure to work with a realtor because they’ll walk you through the process.
Can Felons Own Property?
Buying a home can be a major process. It isn’t going to happen overnight. The good news is that everyone can purchase a home. Even if you’ve never purchased a home before, you can do it. Working with a realtor is a good way to make the process easier.
Furthermore, you should know that felons can indeed purchase homes. If you have good credit, there is a good chance that you’re going to find a suitable lender.
They’ll give you the money needed to purchase the home. Then, you’ll repay them using the mortgage. Don’t let your felony conviction stop you from buying a home.
Buying A Home As A Felon *Home Loans for Felons*
Once you’ve decided to purchase a home, you’ll want to get started as quickly as possible. Remember that buying a home is going to depend largely on your credit score. If you have poor credit, you’ll have trouble getting a home loan.
In addition to this, your mortgage payment might not be favorable. It is wise to check your credit score first. You can obtain your credit report by requesting it from the three major agents. Be sure to obtain a report from Equifax, TransUnion, and Experian.
All Americans can get a free report from each agency annually. Be sure to check your report and make sure it is accurate. Get any erroneous information removed right away. Take steps to improve your credit score because doing so will make it easier to obtain a home loan.
Set Your Budget
Even if you’re a felon, you need to make sure that you can afford the mortgage. It is vital to understand how much you can afford to spend each month.
Once you’ve done that, you should figure out what you want from a home. What matters the most to you? Do you want to live in a pet-friendly area? How many bedrooms and bathrooms do you need? How big of a backyard do you want? Where do you want to live? You need to figure these things out so you can narrow your options immediately.
Once you’ve made a list of things you want, you can begin working to narrow your list of options.
Get An Agent
Don’t forget that you don’t need to buy a home on your own. Most real estate agents are happy to work with felons. It is wise to get an agent because their assistance will make a big difference. Remember that you won’t pay for anything. Instead, the agent’s fees will come out of the seller’s profits.
A buyer’s agent can help you find a great house for you. They’ll also help you determine what a property is worth. They’ll tell you more about the city and help you negotiate a lower price. Whether you’re a felon or not, it is pertinent to team up with an agent.
It is smart to get pre-approved before doing anything else. You’re likely not going to be buying a home with cash. Therefore, you’ll need a home loan. Once you’ve been pre-approved by a lender, you’ll know what your buying budget is going to be.
Remember that you’ll need certain documents, including your W2s, 1099s, bank statements, debt record, bankruptcy record, and more. You’ll need to give this information to the lender so they can find out how much money they’ll give you.
As a felon, you can get a home loan. Don’t let your criminal record stop you. Fulfill your dreams and put your past behind you.
Robert Gomez was born and raised in the Bronx, New York. He currently lives in Northern California with “the wifey,” “the kids,” “the dog,” and “that cat,” 🙁 He is also a former journalist who has interviewed murderers on death row. Felonyfriendlyjobs.org was born to help ex-felons get a second chance in life.