It has long been called “the American dream.” Since they begin their formative life, Americans aspire to one day own their individual piece of their beloved land; working and striving to one day become a homeowner. Such an aspiration is at the very core of our society and has often been referred to as the bedrock of the establishment. The American dream can be described as what distinguishes us from other nations and it helps to bind together the very fabric of society.
Parents are used to preaching at their children as they grow up, encouraging them to concentrate on their education, to finish what they are doing, to do well at their chosen line of work and save money to invest in the establishment of their lives. Home ownership is a great aspiration and when you take possession of your first home, many people consider this to be a complete achievement and the scoring of a life goal.
Our country’s economy is known to travel in cycles, with periods of boom and periods of bust. When we listen to economists, we hear that plentiful times are always followed by recession, but these bad times are always followed by a significant move in the other direction, as well. History tells us that the economists are almost always right and this may be comforting, especially in times of severe recession, such as now. Unfortunately, significant recessions have been very few and far between for a couple of generations. I say unfortunately, because this has not prepared us for the arrival of the “big one,” or the “great recession” as it is now being called.
The arrival of the great recession has left many people on their backs, reeling from the impact of its most adverse affects. Those people who were able to put money aside have found that their savings accounts have drifted away significantly, or that the value of their real-time savings has been eroded to a position where they can no longer qualify to become homeowners, as measured traditionally.
As so many of us were not prepared, we may not have been able to weather the economic storm that ensued. For one reason or another, our credit ratings may have taken a significant “hit,” and as the US society is so accustomed to relying on an individual’s credit score, as the pure definition of who they are, it can now be increasingly difficult to qualify for the beloved American dream. Is it fair that your credit rating is based on circumstances that may largely have been out of your control?
If your credit has been destroyed by the economic meltdown, or you might feel that you have no way forward, that buying a home with poor credit is next to impossible, know that there are options in Michigan for first time home buyers with bad credit. A land contract could very well be the answer when buying a house with poor credit, and this can be the (maybe in some cases) only option to you as you beat your path toward the realization of your American dream.
