Bad Credit and Home Mortgage Options
When applying for a mortgage, your credit score is vital. It will determine whether you can get a loan, exactly how much you can borrow, and how much that loan is going to cost you in interest over the life of the loan. If your credit score is below the 550-580 range, it usually means you're a non-conforming borrower, and you may have to find home loan financing with either a sub-prime lender or get qualified for a Federal Housing Administration (FHA) home loan. In this article, we'll cover both options. 1. Sub-prime lenders who offer "bad credit" mortgages. A sub-prime lender is essentially any lender that offers financing to borrowers who don't qualify for loans with other mainstream financers. ...
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