Low Credit Score Home Loans - Mortgages For People With Poor Fico Credit Scores

Posted by nick_niesen in Finance on October 29th, 2010

Whether you are refinancing, getting a second mortgage or home equity loan, getting a mortgage loan with poor credit history can be tough. In the eyes of the lender, having credit problems puts more emphasis on the other qualifying factors to determine whether or not you can get approved.

Here are some tips to help you get approved for a mortgage loan:

1. Consider ways to come up with a down payment - Even a 2-3% down payment can affect your ability to get approved for a mortgage loan or help you get a lower interest rate on your loan. There are many creative ways to come up with a down payment. Sometimes it can be worth saving for a few extra months or a year to come up with a down payment.

2. Lenders will be looking closely at your income and job history - With bad credit, lenders are going to want to make sure that your income is more than enough to cover all of your minimum payments. The longer you have been at your job, the better. If you are close to the one year mark for your employment, consider waiting a little longer at your job before you apply for your mortgage.

3. Lenders will want to see your most recent debt payments being made on time - Even if you have had credit problems in the past, lenders will be looking closely at your payment history over the last year or two. They will be most interested in how you make your auto, utility and credit card payments. If you are consistent with those payments now, the lender may be willing to overlook past credit problems.

4. Try using techniques to increase your credit score - There are many tips available online to help you raise your credit score. There are 16 ways to improve your score here. You can dispute online, for free, any inaccuracies that are shown on your credit report. This can begin raising your score, sometimes within 30 days or less.


Related Articles

Credit Cards For People With Bad Credit, Poor Credit Or Poor C
Bad Credit is a term used to describe someone who is considered a "high risk" to lenders and other finance companies such as factors.People with bad credit you can still get a credit card. You'll just pay more as result of higher interest rate, and the terms of your card deal will be much stiffer than the average cardholder has to deal with. Before applyin...

Home Mortgage Loans For People With Poor Credit - Low Credit S
Home mortgage loans for people with poor credit are available at reasonable rates if you find the right lender. With some time spent online researching for low credit score lenders, you can base your financing decision on loan estimate numbers. Even with bad credit, you can find flexible terms, so you can find the right home loan for your budget.The Role O...

Mortgage loans – Obtaining Mortgage Loans Depends on FICO scor
FICO Scores were developed by Fairlsaac Corporation. Fairlsaac is a leader in the credit-management arena. Their development has become an industry standard for determining an individual’s credit worthiness. The score is determined by payment history, credit history, which includes how many credit inquires have been made on you over a period of time, how muc...

Also See: Down Payment, Mortgage Loan, Credit Score, Looking Closely, Credit, Score, Payment

Top Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members

Link To Directory

Developed by Interfuse - Copyright © 2010 - 2018 Uberant.com