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18-Oct-2017 16:59

With the first two options most people use for consolidating debt – credit card balance transfers and personal consolidation loans – there is no direct reason why either would make it difficult to buy a home.In fact, successful debt consolidation could actually make it easier to qualify.They start with a credit counseling session to help determine how much money you can afford to pay creditors each month.The non-profit agency can help you get a lower interest rate from creditors and reduce or waive late fees to help make your monthly payment affordable.If you’re already struggling to keep up with your debt payments and your credit score isn’t good enough to qualify for DIY consolidation options at the right rates and terms, then you have a last option for debt consolidation through a credit counseling agency called a debt management program. While you’re on a DMP, you can’t apply for unsecured credit like a credit card, but there’s nothing to prevent you from applying for a mortgage even while you’re on the program.The issue, is that in many cases, you’re in a DMP because you’re already on some shaky financial ground.

So it most cases, debt consolidation is a good thing to do before you buy a home, rather than a bad thing.So even with this assisted form of debt consolidation, as long as it’s done correctly, it should be a good thing for you achieving your dreams of home ownership instead of a bad thing.