Bad Credit Home Financing - Get The Mortgage Loan You Want
Even With Poor Credit
Having poor credit alone cannot hold you back from getting the
home loan you want. Buying a home that is everything you want in
a home, is a very exciting experience. The blemishes on your
credit history will not alone keep you from getting the home you
want and the home you deserve.
Here are some things to keep in mind when moving forward in
the application process to get your home loan:
Contact or apply to many different lenders or brokers -
Online you can fill out many mortgage applications where the
lender or mortgage service company does not pull your credit
history. If they don't ask for your social security number, they
usually cannot pull your credit. Brokers usually use the initial
application or inquiry form and what you tell them about your
credit to make a decision about whether they should pursue the
application and pull your credit or not. Many lenders will tell
you that you are not going to get approved anywhere and that if
they can't help you, no one can. That is not true. All mortgage
brokers have access to very different mortgage programs and some
brokers are more creative in their financing techniques than
Fill out your application or inquiry as accurately as
possible - Inflating your income on your application or
inquiry form, to be higher than you know you can verify your
income to be, will only delay the process of getting
pre-approved. The broker will work the fastest for you if he/she
is working with the exact information he/she needs to be able to
verify. That's the best way to get approved and through the
pre-approval process smoothly.
Be persistent - This is the key when seeking a mortgage
loan pre-approval with poor credit, be optimistic. Look for
creative ways to get financing and contact as many brokers as
possible. There is one or more out there that can help you. The
key is to find them.
Start house hunting - Sometimes the key to getting into
a house is finding the right one and a seller that is flexible
enough to help you do some creative financing work. For example:
the seller carrying back a small percentage of the loan, the
seller paying your closing costs or you being able to purchase
the house for significantly lower than market value.
To view a list of our recommended poor credit mortgage
lenders, visit this page: Poor
Credit Mortgage Lenders.
Written by Carrie Reeder, Owner of ABC Loan Guide. Carrie's
website is an informational mortgage loan website. Her website
has articles and a list of recommended mortgage lenders for
people with low credit scores.
MORE RESOURCES updated Sun. July / 22 / 2018
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