Almost Anyone Can Qualify For Bad Credit Mortgage Loans
Many people think that if they have bad credit that they won't be able to get a mortgage loan. While there is a bit of truth to that there are a lot of options that you should look at before you give up.
For most people who don't qualify right off the bat here are a few simple but very worthwhile steps to take. Yes, they involve getting your credit report and fixing it. But if you want a home it is worth it. Homes cost a lot so expect to go through a simple but hard process.
Most people that don't immediately qualify for a mortgage loan due to their bad credit have scores in the 500 range. If this is you then you are in luck. If your score is in the five hundreds then it shouldn't take more than a year to get it to 600.
So the first thing you need is a credit report. Once you have the report you must look into what is on it. Many times you will have a few errors and sometimes the errors are quite large. If that is the case then go through the credit bureaus to get it fixed.
If you have been penalized due to late payments then you have an easy fix. Simply call your credit card companies up and find out how long you have to make payments on time before they will lift the penalties.
If you have been penalized due to late payments then you will want to call your credit card companies and find out how many on time payments in a row you must do before they take the penalty off of your credit history.
Once you know the info you need to make your payments on time. Over the course of a few months you can bump up your credit score quite a bit. You then want to go back to your mortgage broker and see if you qualify for a bad credit mortgage loan.
If you still do not qualify then talk to your mortgage broker on what other options you have. A lot of brokerages have special programs set up to give you a bad credit mortgage loan. Yes, the fees can be high but you will be able to get your home and once your credit is fixed you can get lower fees.
For most people who don't qualify right off the bat here are a few simple but very worthwhile steps to take. Yes, they involve getting your credit report and fixing it. But if you want a home it is worth it. Homes cost a lot so expect to go through a simple but hard process.
Most people that don't immediately qualify for a mortgage loan due to their bad credit have scores in the 500 range. If this is you then you are in luck. If your score is in the five hundreds then it shouldn't take more than a year to get it to 600.
So the first thing you need is a credit report. Once you have the report you must look into what is on it. Many times you will have a few errors and sometimes the errors are quite large. If that is the case then go through the credit bureaus to get it fixed.
If you have been penalized due to late payments then you have an easy fix. Simply call your credit card companies up and find out how long you have to make payments on time before they will lift the penalties.
If you have been penalized due to late payments then you will want to call your credit card companies and find out how many on time payments in a row you must do before they take the penalty off of your credit history.
Once you know the info you need to make your payments on time. Over the course of a few months you can bump up your credit score quite a bit. You then want to go back to your mortgage broker and see if you qualify for a bad credit mortgage loan.
If you still do not qualify then talk to your mortgage broker on what other options you have. A lot of brokerages have special programs set up to give you a bad credit mortgage loan. Yes, the fees can be high but you will be able to get your home and once your credit is fixed you can get lower fees.
About the Author:
Roger helps hopeful home owners to find mortgage loans for people with bad credit as well as other bad credit home loansthat are provided by financial institutions.
posted by Credit Counseling at
1:15 AM
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