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Having good credit wont get you a mortgage by itself, but it definitely helps. A good credit score can result in a lower interest rate and better loan terms, while poor credit can lead to a higher interest rate for a mortgage.

But its not impossible to obtain a home loan if you have poor credit and are working to improve it. Here are some options:

Wait a Few Months

Work on improving your credit score for a few months, and then try to get a home loan. The wait may be worth it and could boost your credit score just enough to qualify for a loan.

There are several ways to improve a credit score. Reducing debt is the best way, so do all you can to pay off your credit card bills. If you have a history of late payments, or just a few of them, stop that bad habit and start paying all of your bills on time.

Also, check your credit reports for errors and fix them, and dont apply for new credit cards when shopping for a home loan.

FHA Loan

A loan backed by the Fair Housing Administration (FHA) is usually the easiest type of mortgage loan to qualify for.

Its aimed at first-time homebuyers and requires a low down payment of 3.5 percent for people with credit that isnt very high. Borrowers with credit scores as low as 500 can qualify for FHA loans.

However, FHA loans do have an additional expense”you’re required to purchase mortgage insurance. This protects the lender if you default on the loan.

Are You a Veteran?

A Veterans Affairs mortgage, or VA loan, is a low-cost home loan for veterans. It doesnt require a down payment in most cases, has lower rates than conventional loans, and doesnt require paying a monthly mortgage insurance premium, among other benefits.

Most VA-approved lenders require a credit score of at least 620, according to the Veterans United Network.

Have a Higher Down Payment

The interest rate a lender offers on a mortgage is partly based on risk. A poor credit score can mean youre a higher risk for not repaying the loan than someone with a high score.

To offset some of that risk and qualify for a lower interest rate, you can make a higher down payment. Putting 20 percent down instead of 5 percent may get you a better rate on a loan.

Whatever loan option you choose for a home purchase when trying to improve your credit, you should continue working to boost your credit score after buying a home. When it gets high enough, it may be worthwhile to refinance your home loan.

Published with permission from RISMedia.

Published with permission from RISMedia.

If youre thinking about purchasing an expensive home, its important to understand how jumbo and conforming loans differ, and the pros and cons of each. Choosing carefully could help you save a lot of money over the term of your mortgage.

Key Differences
A conforming loan can only be used to borrow up to $453,100. For mortgages over that amount, there are jumbo loans. Since a homebuyer who chooses a jumbo loan is borrowing more money than the typical buyer, and since fewer people choose that option, a jumbo loan is much riskier for the lender. Therefore, jumbo loans require larger down payments and better credit scores than conforming loans, and often carry higher interest rates.

How to Get a Jumbo Loan
If you want to take out a jumbo loan, you’ll need to conduct research to find a lender. Since these mortgages are so risky, some banks and credit unions dont offer them at all. If you live in an area where real estate prices are generally well above the national average, it might be easier to find a local lender that offers jumbo loans.

Each lender sets its own guidelines that it uses to decide whether to approve or deny an application for a jumbo loan. If a lender denies your application because you dont have enough money for a down payment”or because your credit score is too low”dont despair. You might be able to find another lender with more flexible guidelines, although you could have to accept a higher interest rate.

What If You Dont Qualify for a Jumbo Loan?
If you have your heart set on a particular house, but its cost is above the amount you can borrow for a conforming loan and your application for a jumbo mortgage has been denied, you might still be able to own your dream home. You could take out two mortgages”one up to the conforming loan limit and a separate one for the remainder of the amount you need to borrow.

Depending on the lender(s) and your financial situation, you might need to make two down payments for very different amounts and have two different interest rates. That option could help you realize your goal of owning an expensive home, and you might wind up paying less per month with two separate mortgages than you would have with one jumbo mortgage since conforming loans tend to have lower interest rates.

Explore All Mortgage Options
Buying an expensive house is more challenging than purchasing a modest property, but that doesnt mean its impossible. A jumbo loan is one option, but if you cant qualify”or if the interest rate is too high”applying for two conforming loans could turn your dream into a reality”and could even save you money in the long run. Talk to several local lenders, get specific rates and estimated payments, and figure out which option would be best for you.

Published with permission from RISMedia.

If your bathrooms are feeling a little dated or worse for wear, here are some tile ideas to give them an elevated look.

Herringbone Marble Tile

If youre not the type who buys into trends, you can rest assured that this classic herringbone pattern will look just as stylish twenty years from now as it does today.

Patterned Encaustic Tile

This trendy and vibrant tile choice comes in a variety of cement styles, from geometric to exotic patterns, and can completely transform the feel of your bathroom.

Glass Mosaic Tile

These small, shiny mosaic tiles come in a stunning array of shimmering colors and are surprisingly durable, guaranteed to create a breathtaking bathroom.

Matte Black Subway Tile

If you’re going for a modern or minimalist style, this low-luster, sleek ceramic, stone or even porcelain tile, can bring your bathroom to life.

Published with permission from RISMedia.

Every year in the U.S., fire kills over 3,000 people, injures thousands more and causes billions of dollars of damage. House fires are a major contributor to those horrific statistics, which is why its important to make fire safety a priority in your home. Here are some tips from the U.S. Fire Administration to help keep you and your family safe:

Fire Alarms
You may have less than three minutes to escape a home fire, so every second counts. For early fire detection, install smoke alarms on every level of your home and inside and outside all sleeping areas. Test your alarms monthly to ensure they work and dont need new batteries, and replace alarms that are at least 10 years old.

Kitchen
According to the U.S. Fire Administration, cooking is the No. 1 cause of home fires. To prevent a cooking fire, stay in the kitchen when youre frying, grilling, broiling or boiling food. If you leave the kitchen, turn the burner off. Keep things that can burn away from your cooking area, and turn pot handles toward the back of the stove so they wont get bumped.

Heating
Heating is the second-leading cause of home fires. Keep anything that can burn at least three feet away from fireplaces, wood stoves, portable heaters and radiators. When you leave a room or go to bed, turn heaters off or unplug them. Have your furnace, chimney and chimney connector inspected by a professional every winter, and make repairs before cool weather sets in.

Electronics
To prevent an electrical fire, plug only one heat-producing appliance, such as a microwave, coffee maker or portable heater, into an electrical outlet. If you have an electrical cord that is frayed or broken, throw it out. Use extension cords as a temporary power supply only.

Candles
Any open flame is dangerous, so if you use candles in your home, put them in sturdy holders. Place candles at least 12 inches away from anything that can burn, and make sure pets and children cant reach them. Blow out all candles if you leave the room, get sleepy or go to bed.

Cigarettes
If you smoke at home, youre at higher risk for a fire. Use deep, sturdy ashtrays, and make sure to put cigarettes all the way out. Smoke only when youre alert”never in bed or if youre drowsy.

Escape Plan
As mentioned, time is precious when it comes to a fire, so establish an escape plan with your family about what to do if there is one. Make sure everyone knows two ways out of each room, and agree on a distant place outside your home where you can all meet safely, such as a sidewalk across the street. To ensure family members remember the plan, practice it together at least twice a year.

If you keep these simple tips in mind, your home is bound to be much safer from fire.

Published with permission from RISMedia.