Let’s discuss what home loan options are still available with a lower credit score and then move into how you can improve your credit score. Types of Loans for Bad Credit. In order to determine your creditworthiness, loan qualification and even interest rate, a mortgage lender will look at your median FICO Score.
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Bad Credit Mortgages . The bad credit mortgage is often called a sub-prime mortgage and is offered to homebuyers with low credit ratings. Due to the low credit rating, conventional mortgages are not offered because the lender sees this as the homebuyer having a larger-than-average risk of not following through with the terms of the loan.
If you have bad credit you might not be able to get a loan for your "first-choice" home, unfortunately. If you do get a loan, you might be burdened with a high.
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How to Buy Your First Home With Bad Credit – Buying a Home Get prequalified for a loan. Search for homes. Temper your expectations. Take advantage of low down payments. Save money for a sizable down payment. Consider seller financing.
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