Will a DUI hurt your chances of getting a mortgage?

Posted on October 29, 2017 in Blog

Being charged with a DUI often carries consequences that extend beyond the legal ramifications of the crime. One common concern for people who have been charged and convicted for driving under the influence is whether or not their chances of getting a mortgage will take a hit. While the answer depends on a number of factors, there is certainly cause for concern.

DUIs and home loans

It is important to remember that lenders care about getting their money back, with interest over the years. Although many mortgage lenders typically restrict their financial checks to your credit score, there is nothing to stop them from digging as deep as they need to in order to check further. Like any criminal conviction, a DUI is a matter of public record. Will the bank check those records? It’s best not to lose control over your financial destiny. That’s one reason why fighting a DUI charge is so important for you and your family.

When you apply for a home loan, you are required to disclose a wide range of information. So long as your DUI is not a felony charge, though, you may not be required to disclose it. Nevertheless, if for some reason you are required to disclose your DUI conviction or your lender discovers it on their own, it could raise unnecessary red flags.

Liens from bail bond

If you post a bail bond after you are arrested for a DUI, your bail bondsman will likely record a lien against your property. Once you show up for court, the bond will be exonerated and your bail bondsman should then record a release of the lien. If for some reason they do not record a release, though, you will have to get them to record the release before you are able to acquire a home loan.

How to keep a DUI from hurting your chances of getting a home loan

By far the best way to keep a DUI from hurting your chances of getting a home loan is to keep it off your record entirely. This is the best case scenario, and if a DUI is kept off your record then it has no way of holding you back from getting a home loan. It’s also important to try and keep the expenses associated with a DUI from driving you into debt, as this can cause your credit score to take a major hit.

If you have been charged with a DUI and are looking to minimize its effects on your life, we urge you to contact our office today. If you have already plead guilty, contact us to see about a set-aside or record sealing.