How to Quality for a Mortgage with Bad Credit

1
How to Get Quality Mortgage Even with Bad Credit

• Your credit history is one of the most important
  parts of your application when applying for a
  mortgage. Bad credit or a low credit score will
  compromise your ability to get a mortgage,
  because lenders will consider you at risk of
  defaulting on your loan.

2
Check your Credit Report

• Make sure everything on your credit report is
  accurate before you try to qualify for a
  mortgage. If there are any errors or
  inconsistencies, write to the credit company and
  provide documentation to support your update.

3
Expect to Pay More Interest

• Your bad credit will mean that you need to pay
  more for your mortgage. Be prepared to accept a
  higher interest rate, or an Adjustable Rate
  Mortgage (ARM), which has an interest rate that
  changes.

4
Demonstrate a Steady Income

• Showing that you have a good job that pays enough
  to cover your mortgage will help your chances of
  getting a loan with bad credit.

5
Eliminate All Other Debt

• If you have a high debt to income ratio, you will
  have a harder time getting a mortgage, especially
  with bad credit. Pay off all credit card balances
  and other loans before you try to qualify for a
  mortgage.

6
Make a Higher Down Payment

• This will show the lender that you have a serious
  investment in not losing your house, and a better
  chance of paying your mortgage. It will also
  demonstrate your ability to save.

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