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List: Posted: 03/04/11
Buying a home with bad credit may seem like an impossibility, but it’s actually not. Many people who have bad credit are getting home loans. It’s all in how you go about it. Here are some tips to help you get a home loan with bad credit.
One of the things you can do is to speak with a mortgage broker rather than a direct lender. A broker is someone who knows about mortgage packages that many different banks offer. Often times a broker can take your bad credit and offset it with an income that’s recently increased, a high down payment, recently good payment histories, or other information. A broker can basically present you to a lender in a good light, making your bad credit less of a big deal for the lender.
You can help your broker by figuring out things that make you less of a risk as a bad credit borrower. Your credit score is basically a risk score. The lower your score, the riskier you are. If you can make a bank or lender feel more comfortable with your bad credit, you can get a loan in spite of bad credit.
One way to make a lender more comfortable with bad credit is to save up a hefty down payment. If you have a larger down payment, your lender won’t be taking as big of a risk on your home. Another option is to see how much of a home you could qualify for, and then to shop well below that range. Again, a cheaper home is less risk to the lender, so you’re more likely to get a loan even with bad credit.
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