How To Get A Home Loan With Poor Credit Score

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Can you get a home loan with bad credit? put simply, the answer is yes. While every case is different, you need to remember that a “bad” credit score is a relative term. Too often, people mistake low credit scores as “bad.” You may have never missed a payment or collection in your life.

Regardless, there are plenty of home loan options for those of us with imperfect credit, or dare I say, bad credit. In fact, you technically only need a 500 credit score to get an FHA loan , which is actually a popular choice among homeowners these days for its equally low 3.5% down payment requirement.

Applying for a mortgage with bad credit is best done via a broker with access to all the lenders, as many of the lenders only accept applications from intermediaries. You’ll hear them advertise, as we do, as being whole of market’. A broker will find you the best deal from all the lenders that would consider you.

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 · How to check your credit score. However, your credit report only shows your credit history; to see your actual score, you’ll need to pay a small fee directly through the credit bureaus’ websites. (alternatively, you can get a free estimate of your score through, CreditKarma, or CreditSesame.) If your credit score is 760 or above,

A credit score that is equal to 619 points or less is considered poor. To obtain a home loan you will need to raise your credit score to 620 points or higher. Obtain your credit score from the annualcreditreport website (see Resources section).

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Bad credit mortgages are also known as sub-prime mortgages or adverse credit mortgages, and can help people with poor credit histories get on the property ladder.

A person with bad or poor credit score is seen as a high risk by the banks and they hesitate in lending money to such customers. Thought it is important that you maintain a good credit score to increase the chances of your home loan approval, you can also get a home loan for your dream home in case you have a bad credit score.