Bad credit? An FHA bad credit mortgage loan may be an option for you. Get in touch with the specialists at Gov Home Loans. Submit your info today.
Getting a mortgage with bad credit isn’t impossible. There are programs and ways to secure a mortgage with less than perfect credit and a 20% down payment.
Bad credit can happen to anyone. All it can take to damage your credit score is a few missed bill payments, some maxed out credit cards or even life circumstances beyond your control, such as divorce or serious illness. When you have a lower credit score, it can be much harder to get a home loan.
Prospective homebuyers may be surprised to hear that bad credit won’t necessarily shut them out of the market completely. It is possible to get a mortgage with a subpar credit score – but your options.
The VA recognizes this sacrifice when it considers making loans to veterans and active duty borrowers with bad credit. Compare VA Loan Rates. Is it possible to get a VA home loan with bad credit? The VA’s credit guidelines give veterans more opportunities to purchase or refinance despite bad credit than any other major mortgage loan program.
Getting a Mortgage with Bad Credit. If you have bad credit and fear you’ll face a loan denial when applying for a mortgage, don’t worry. You may still be able to get a mortgage with a low credit score. Of course it will depend on a few factors, so your best bet to see if you’ll qualify for a loan is to talk to a lender. Many lenders will.
What’s considered a bad credit score? First, know this: That number can range from 300 to 850. Even if you manage to qualify, as is the case with a mortgage, you may get stuck with a high rate..
As a result, people with high scores can get a lower interest rate and more favorable terms on a loan. Unfortunately, those with bad credit scores are automatically perceived to be a higher risk and-if they can get a loan-end up paying higher interest rates and having to agree to less appealing terms that come with a bad credit mortgage.
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