Bad Credit Mortgage Loans
Many people think that if they have bad credit that they won't be able to get a mortgage loan. While there is a bit of truth to that there are a lot of options that you should look at before you give up.
Most people that can't initially qualify are going to take the same first step. They need to get a copy of their credit report. After all if you don't know what is wrong with your credit then you will have a hard time getting it fixed.
Most people that don't immediately qualify for a mortgage loan due to their bad credit have scores in the 500 range. If this is you then you are in luck. If your score is in the five hundreds then it shouldn't take more than a year to get it to 600.
So the first thing you need is a credit report. Once you have the report you must look into what is on it. Many times you will have a few errors and sometimes the errors are quite large. If that is the case then go through the credit bureaus to get it fixed.
If you have been penalized due to late payments then you have an easy fix. Simply call your credit card companies up and find out how long you have to make payments on time before they will lift the penalties.
When your main penalties are because of late payments you can easily fix it. Just call your credit card company and find out how long you need to pay on time to get the penalty removed.
Now that you know how long you need to make timely payments you now just have to do it and pay on time. Once you have paid your bills on time for a long enough period of time, usually six months, you are now ready to re submit your application for a bad credit mortgage loan.
If you still can't qualify for a loan due to payment defaults then you still have some options. In most cases you will be best served to see if your mortgage broker has a special service for people with bad credit. The fees will be a bit higher but you will be able to get into a new home.
Most people that can't initially qualify are going to take the same first step. They need to get a copy of their credit report. After all if you don't know what is wrong with your credit then you will have a hard time getting it fixed.
Most people that don't immediately qualify for a mortgage loan due to their bad credit have scores in the 500 range. If this is you then you are in luck. If your score is in the five hundreds then it shouldn't take more than a year to get it to 600.
So the first thing you need is a credit report. Once you have the report you must look into what is on it. Many times you will have a few errors and sometimes the errors are quite large. If that is the case then go through the credit bureaus to get it fixed.
If you have been penalized due to late payments then you have an easy fix. Simply call your credit card companies up and find out how long you have to make payments on time before they will lift the penalties.
When your main penalties are because of late payments you can easily fix it. Just call your credit card company and find out how long you need to pay on time to get the penalty removed.
Now that you know how long you need to make timely payments you now just have to do it and pay on time. Once you have paid your bills on time for a long enough period of time, usually six months, you are now ready to re submit your application for a bad credit mortgage loan.
If you still can't qualify for a loan due to payment defaults then you still have some options. In most cases you will be best served to see if your mortgage broker has a special service for people with bad credit. The fees will be a bit higher but you will be able to get into a new home.
About the Author:
Roger instructs people about finding a good bad credit home loan mortgage and about their options for home loans bad credit.
posted by Debt Consolidation Loan at
6:52 AM
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