Getting A Mortgage With Bad Credit


There are a few things that every first time home buy should know.  The first thing is that when you buy a home, you have to be approved for a home loan.  This may sound easy, but the truth is that since the financial meltdown, things have become much harder.  But just because this is the case does not mean that people with bad credit cannot get loans.  In fact, there are several first time buyers with bad credit that do indeed get a mortgage loan.  The best way to understand this is by paying attention to what a lender is looking for in order to approve you.

If you want to get approved for a mortgage loan, you must pass a certain set of requirements.  The first requirement is that you need a credit score of at least 620 and you must have a clean history on the credit for at least 12 -24 months.  If you fit this credit guideline and have a stable income, you should be able to qualify.  If you have a low score but have a clean credit history, all hope is not lost!  In fact wihin 3-6 months you may be able to buy a home if you write to the credit companies asking them to take off lates or collections that have been paid.  Alot of times a credit company will leave bad things on the credit even after they have been paid off.  It is our duty as consumers to keep them in check and make sure they take things off of your credit once you have paid them off.

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About the Author:
Greg writes articles about mortgages for first time buyers with bad credit, and about mortgages for bad credit people.
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This entry was posted on Tuesday, June 1st, 2010 at 5:37 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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