Poor Credit Home Mortgage Loans Getting Approved With No Down Payment

Poor Credit Home Mortgage Loans Getting Approved With No Down Payment



Poor Credit Home Mortgage Loans - Getting Approved With No Down Payment
When applying for a​ new mortgage with poor credit,​ you​ may be wondering whether or​ not you​ can get approved with zero down .​
There are a​ few factors that will influence this .​
Consider these points:
1 .​
Poor Credit Will Put More Weight on​ Your Employment History & Salary - When you​ are putting less money down and have credit problems,​ this will cause the​ lender to​ look more heavily at​ the​ stability of​ your employment history and income .​
If your debt-to-income ratio is​ low and you​ have been at​ your job for more than one year,​ this will help you​ toward getting 100% financing.
2 .​
Lenders Will Look Closely at​ Your Most Recent Payment History - Many people have had financial difficulties in​ your past,​ but one of​ the​ most telling things for a​ lender,​ is​ what your most recent payment history has been like .​
If you​ have a​ bankruptcy that is​ more than a​ few years old,​ but over the​ last few years have made regular,​ on-time payments on​ all of​ your existing bills,​ you​ are more likely to​ get approved for 100% financing.
3 .​
Consider Having the​ Home Seller Pay the​ Closing Costs - If,​ with poor credit,​ you​ are able to​ get 100% financing,​ it​ will probably be quite a​ stretch to​ have the​ lender also wrap the​ loan closing costs up in​ the​ mortgage loan as​ well .​
When you​ make your offer on​ your new home,​ consider including in​ your offer that the​ seller pay all of​ the​ loan closing costs .​
This is​ a​ common practice,​ and it​ is​ highly likely that the​ seller will agree.
Try pulling a​ copy of​ your own credit report to​ see how bad your credit really is​ .​
Make sure you​ have disputed all inaccuracies on​ your credit report before you​ allow a​ mortgage lender to​ pull your credit .​
If possible,​ pay down as​ many high balance revolving credit accounts as​ possible .​
This can help increase your credit score significantly.




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