Can I Still Qualify For a Mortgage With Bad Credit?

The initial question a mortgage lender will ask you when applying for a new home mortgage is your credit history, hoping that you have an excellent one. If you have a flawless credit history, things are much easier for you. However, what if you have a poor credit history? The most common question that most debtors with a bad credit history ask for is "can I still qualify for a mortgage with bad credit"? Although at times it seems impossible, there are still some options for such cases.

Instead of going to any single regular lender, it is better if to go to a mortgage broker. Since the brokers will present your information to several lenders rather than just one, there's always a better chance that someone may grant your loan.

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Secondly, before handing them your papers, request a credit report from the three major credit bureaus - Experian, Equifax and TransUnion. While you are getting these reports, also ask for the credit score from each. When considering you for the loan, the lender often uses the middle of the three scores.

Now, bad credit is not always a bad one as it looks. There could be a number of reasons to have a sub 630 credit score. You might have suffered a major illness, lost your job or something that can be taken in consideration. In such cases, you can qualify for a mortgage loan with certain pre-defined conditions such as more down payment or a higher interest rate.

However, if you are truly deserving of your low credit score, finding a family member who is willing to consign for you in this case is the best option. Moreover, the lender is assured about the fact that you have someone with a good credit history behind you who can help you out if you were to succumb to some troubles.

Even if you have a bankruptcy, you still can qualify for a mortgage. If the bankruptcy is more than 2 years in the past, or in some cases a year past, you have options to qualify for the mortgage. If the bankruptcy is within the past year you are likely out of luck.

A 'Bad Credit Loan' is something that has been implemented for those with bad credit histories. So, even if you do not qualify for a regular mortgage, you still utilize the called Bad Credit Loan. A bad credit loan is available in various forms such as car loans, mortgages, debt consolidation loans or even straight, fast cash. Just remember, the terms for a bad credit loan are much stricter when comparing to a standard loan and also include a higher rate of interest.

The most common mistake that most debtors with a poor credit history make is to jump at the first offer given by the lender. It is always advisable to compare before settling in order to get the best rate and terms. Even with bad credit, call around and compare rates.

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