Just because you may have had some credit problems in the past, does not mean that you should not be able to purchase a lovely home. If you have ever thought about applying for a mortgage on a home without having the best credit standings in the world, then you probably felt that you didn’t stand a chance of getting a loan. It’s true that lenders prefer that you have a credit score of at least a 700 or better and that people that fall below this bracket find it much more difficult to purchase a home. But this doesn’t mean that all is lost if you have bad credit.
Honestly the current state of our economy has caused many people heartache as far as their credit scores are concerned; many people have gone from having good credit to bad credit almost seemly overnight. The biggest cause of this decline in credit scores were because of layoffs and job losses. If you have ever filed a bankruptcy, been late on a few of your credit card payments, had court judgments put against you, or received a black mark on your credit report you can still qualify for a bad credit mortgage.
Obviously, it’s faster and easier to get a mortgage if you have great credit, but don’t let your bad credit keep you from trying to become a home owner. Houses are at an all time low and now is a great time to buy. If you think you may want to buy a home owner at any time in the near future, start repairing your credit today. Credit report repair is a long drawn out process and the sooner you start, the sooner you can get qualified for a loan.
But let’s say you want to buy a home today and you have bad credit. What are your odds of getting a bad credit mortgage? Well, if your FICO score is really low then unfortunately your odds aren’t good. But if your FICO score is below what is considered excellent (750+) you still have a shot at getting a mortgage.
There are programs available through the FHA that allows buyers to pay only 3.5% on a down payment rather than the usual 10%. Plus there are programs for lower income people or people in “special” jobs like teachers, firemen, and police officers. If you are actively trying to buy a home and worried that your bad credit may be an obstacle, try to be persistent and keep in mind that even if you have to wait a couple years while you work on your credit restoration, home ownership is still within your grasp.
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- Pre Approved Home Loan
- Types of Home Loans
- Should You Consider A Bad Credit Home Refinance?
- Bad Credit Home Loans – Equity for You Not Your Landlord
- Home Remortgage Services
- Will I Lose my Home in Bankruptcy?
- Sumner Home Mortgage
- First Home Buyer Mortgage
