You’ve been dreaming about buying your first home for years, but now that the time has come, you’re feeling nervous about whether or not you’ll be able to get approved for a mortgage. You know that a DUI can be a serious red flag for potential lenders, but do you really want to risk losing out on one of the biggest financial goals of your life because of something that happened behind the wheel a few years ago?It might seem like a simple yes or no question, but the answer is not quite so simple. A DUI will have an impact on your ability to get approved for a mortgage, but it won’t necessarily be fatal to your chances. Depending on the circumstances surrounding your DUI and how serious it was, you might be able to get approved after making a few concessions. On the other hand, you might want to reconsider your dream of owning a home altogether if you’ve been convicted of a DUI. Either way, it’s a good idea to find out how a DUI will affect your ability to get a mortgage before you apply.
A DUI is a criminal charge for operating a motor vehicle while under the influence of drugs or alcohol. The specific details of your DUI will determine how long it will remain on your record and how it will affect your ability to get approved for a mortgage. The severity of your DUI will largely depend on the type and amount of drugs and alcohol you had in your system at the time and whether or not you were driving at the time. A basic DUI will probably not have much of an impact on your ability to get approved for a mortgage, but more serious DUIs could pose a problem. If you have a DUI on your record, you’ll need to disclose it on your mortgage application. The best way to handle this is to talk to a mortgage broker who can help you navigate the process.
First and foremost, you’ll need to get a copy of your DUI record. You can do this by visiting your local court and asking for a copy of your DUI report. You’ll want to make sure that you get the report that contains your conviction date, the date of your court hearing, and the final outcome of your case. If your DUI is recent, you can also check with your local DMV to find out if your license has been suspended or revoked. You’ll need to disclose any license suspensions on your mortgage application as well, but it’s best to get a copy of your DUI record before you apply so that you can avoid any complications. Once you’ve gathered all of your documents, you’ll want to contact a mortgage broker to discuss the best way to proceed. You can also check with your local real estate agent for advice.
If you’ve been convicted of a DUI, you’ll want to avoid discussing it on your mortgage application. Instead, you should focus on your credit history and how long you’ve been at your current job. Your lender will be looking at your ability to repay the mortgage in the long run and will be less concerned with the circumstances surrounding your DUI. You’ll want to avoid talking about your DUI unless it is absolutely necessary. For example, if you’ve been convicted of a DUI and your job changed recently, you might want to mention it. If your DUI was a result of a medical emergency, you might want to disclose your health condition.
A DUI will have an impact on your ability to get approved for a mortgage, but it won’t necessarily be fatal to your chances. Depending on the circumstances surrounding your DUI and how serious it was, you might be able to get approved after making a few concessions. On the other hand, you might want to reconsider your dream of owning a home altogether if you’ve been convicted of a DUI. Either way, you should find out how a DUI will affect your ability to get a mortgage before you apply.