Poor credit mortgages

By on May 30, 2014

While it’s not easy to obtain a mortgage with less than perfect credit, it is very possible. Our minimum credit score for some of our programs is 580 and most times it’s not hard to get there. The first thing you have to realize is no matter how much money you have for a down payment no lender will approve your loan with outstanding charge offs and/or collections with balances. Second, if your bad credit out weighs your good credit you have to tip the scales so that the good out weighs the bad. In order to so this quickly you should get a secured credit card and make sure it reports to all three bureaus. I will recommend Capitol one or Amex for these and use it immediately for purchases. The other thing to do is obtain letters of credit from your current utility and cellphone companies so we add them to your credit. With these simple tasks your credit looks a lot more appealing to an underwriter making your mortgage more appealing to approve.