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...
Comments
Post a Comment