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A Bad Credit Mortgage May Be the Answer

It can be quite a challenge to overcome bad credit. A bad credit mortgage works to make this situation faced by many a thing of the past, lenders will work with those who are faced with challenges. The current economic condition had taken a toll on many people’s credit ratings. Job insecurities, divorce, inability to work, health and many other unforeseen circumstances can devastate an otherwise perfect credit score. There are many factors to consider when applying for a mortgage. Your credit score is just one factor involved in securing a loan . Another factor to consider is loan to value or LTV. This means the lender will not finance more than what a home is actually worth. Something else that is looked at is your debt to income ratio or DTI. Your earnings are calculated and existing financial obligations are subtracted to verify you are able to afford a new loan. Once you have passed all the criteria and found to be in good standing you are given a loan with the lowest possible rate
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The Best Mortgages for First Time Home Buyers with Bad Credit

Qualifying for a mortgage is difficult, especially if you have a low credit score or no credit score at all. Previously, there were dozens of companies willing to approve loans on houses for first time buyers with little or no credit. However, with today’s economy, even the most lenient lenders have tightened their belts and requirements for lending money. Understanding how other factors like payment history, job details and financial stability will help you get a mortgage using other financing options available. There’s Still Hope, even if you’re a First Time Home Buyer with a Low Credit Score Understand your credit score and do everything in your power to increase it. If your credit score is lower than 620, you should work on increasing your FICO score by doing the following: Reduce your current credit card, auto loan and student loan debts by paying them little by little. Or, try to negotiate lower interest rates. Also, try to get a higher credit limit for your credit card accounts
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