Obtaining a Mortgage with Bad Credit

Mortgage with Bad Credit

If you are attempting to obtain a mortgage with bad credit do not despair. It is possible to improve your credit over time and to qualify for a new mortgage loan.

Boosting credit scores is not the only means for people with deficient credit to get a home loan. The Federal Housing Administration (FHA) has made it easier to quality for a mortgage for people with bad credit. Under certain circumstances, people who have foreclosed or declared bankruptcy can obtain an FHA loan several years earlier than a conventional loan, and these people can buy a home with a smaller down payment.

Here are a few ways to help obtain financing for a new mortgage loan with bad credit:

  • Improve payment history by making payments on time
  • Build up savings
  • Show evidence of steady employment for a period of one to two years
  • Do not open new lines of credit Use credit cards sparingly, and without overextending credit lines
  • Make payments in full
  • Have up to four different kinds of credit accounts
  • Come up with a budget plan and stick to it

The only thing you have to lose is your bad credit

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