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



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




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