Adverse Credit Mortgage Loans – How To Get Approved With Poor Credit
If your credit is less than perfect, you may think that home ownership is just a dream. But, actually, it’s possible to get a mortgage loan even if you have a low credit score. You’ll have to make a few trade-offs, but you can get approved for a mortgage loan–even with poor credit–if you:
Choose a “special” loan
Certain mortgage loans–like FHA loans or VA loans–are specifically designed to help Americans achieve the dream of home ownership. Because of this, they have lower down payment requirements and more lenient criteria for approval, so even those with a shaky credit history can obtain one of these loans. You’ll have to meet certain criteria–such as Veteran status or income restrictions–and you may have to pay a little extra on your interest and fees, too. Most mortgage lenders will be able to help you find one of these loans.
Save a bigger down payment
In general, the more you borrow, the higher risk you are to the lender. So if you have poor credit, it’s a smart idea to save as much as...
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