Can an eviction stop you from buying a house?
After years of renting, many people consider becoming homeowners, as recent studies show that the national rate of homeownership in the US is 64.8%. If you plan to buy your own house, you must consider having a solid credit report as this is important when purchasing a home and can affect getting pre-approved for a mortgage.
If you have been evicted in the past and are wondering how can an eviction stop you from buying a house, read below to find out how you can get your credit ready to become a homeowner.
1. How can you check if you have an eviction on your record?
Evictions are mostly shown on a rental history background check, and if you have recently been evicted, it takes 30 to 60 days to appear. You can request a copy of your credit report from credit bureaus, as these are shown in the “Public Records” of your account.
2. Can being evicted affect a mortgage application?
An eviction shows up on a background check, in addition to a credit report, which could prevent you from being approved for a mortgage or even getting a job. Evictions don’t always appear on traditional mortgage credit reports, however, if you have been evicted due to nonpayment, your landlord probably hired a collection agency which is added to your report. The only time when this will not be visible anymore is if you paid the debt off more than seven years ago.
On the other hand, evictions alone won’t cause lenders to reject you and you are most likely to be approved if your credit score is high enough and meets the minimum requirements.
3. How can you get an eviction removed from your credit report?
Before getting you evicted, your landlord had to obtain a court order/civil judgment. Once you find the county where the case was filed, you can petition to have the record sealed, but keep in mind that this can only happen once you pay any owed balance in full.
The simple answer to the question “Can an eviction stop you from buying a house?” is no, an eviction alone won’t stop you from being approved for a mortgage. However, there are many elements to consider, especially when it comes to non-payment, which can harm your credit score. The best way to get an eviction removed from your credit report is to stop the eviction before it happens and our expert team is here to help.
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