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How to get a mortgage approved with Bad Credit Score?
- Thread starter bell40203
- Start date
When it comes to the actual number, anything less than a 670 FICO® Score is considered “bad” or “subprime,”. More specifically, a fair score is 580 to 669, while a poor score is 300 to 579. The thing about having poor credit is that it’s not the same as someone else’s bad credit.
No two situations are the same, and outside of your actual score, lenders will also be looking at things like:
* How much the borrower has available for a down payment
* The borrower’s overall amount of debt
* How much income the borrower earns
* If the borrower has any debts in collections
You can also get some professional help with Bad Credit Score from this team via WhatsApp. WHATSAAP NUMBER : +1 914 274 8666
No two situations are the same, and outside of your actual score, lenders will also be looking at things like:
* How much the borrower has available for a down payment
* The borrower’s overall amount of debt
* How much income the borrower earns
* If the borrower has any debts in collections
You can also get some professional help with Bad Credit Score from this team via WhatsApp. WHATSAAP NUMBER : +1 914 274 8666
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Dawn King
New member
Getting a mortgage approved with bad credit score can be difficult, but it is not impossible. The key is to work with a lender who specializes in helping those with bad credit and to be prepared to make some changes to your financial habits. Start by getting a copy of your credit report and understanding what is causing your credit score to be low. This will help you identify problem areas and begin addressing them. Once you have a better understanding of your credit score, you can begin working on improving it. Pay down debt, pay bills on time, and establish a history of good payment habits. Next, shop around for the best mortgage rate. Lenders may be willing to work with you if you can demonstrate that you can make your payments on time. You can also look into government programs such as FHA and VA loans which are often more forgiving of bad credit. Finally, make sure you have a good down payment. A larger down payment can help to offset your bad credit score and make it easier for you to get approved for a loan. By following these steps and being prepared to make changes to your financial habits, you can increase your chances of getting a mortgage approved with bad credit.