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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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