Getting A Home Loan With Bad Credit
At Easy Mortgage, we think it’s important to that people can secure home loans even if they have bad credit or a low credit score. Your credit is just one measure of your ability to make your mortgage payment. Alone, it is not the most accurate indicator of whether or not you’ll successfully be able to pay your mortgage. Instead, it’s important that your mortgage lender looks at your financial picture comprehensively. Do you have a consistent work history? What underlying factors caused you to have poor credit? Do you have enough income to pay your mortgage every month?
Unfortunately, some lenders — especially banks and credit unions — will focus more on what your credit score is rather than looking at all the factors that determine whether or not you will be able to pay your mortgage on time every month.
What Banks and Credit Unions Require
Banks, credit unions, and most lenders require that you have a credit score of at least 640+ in order to obtain a mortgage. If you apply for your home loan through a bank or credit union, they may deny your application simply because you have a credit score of less than 640. This is true even if you are able to make a significant down payment, you have a consistent work history, and you have a high enough income to afford your monthly mortgage payments.
What You’ll Experience Working with Easy Mortgage
But getting a home loan with bad credit is possible. If you’ve been rejected for a home loan because of bad credit or a low credit score, we may be able to help you at Easy Mortgage. We know that your credit is just one aspect of your financial history. At Easy Mortgage, we have helped many people who had previously been denied by banks or credit unions secure mortgages, including some clients whose credit score was between 560-580.
In addition, because we work with investors who don’t require an overlay, we’re able to get you reasonable rates on your mortgage even if your credit score isn’t the strongest. Regardless of your credit score, we work with you to determine which of our loan products best fits your unique situation, and help you navigate the application process effortlessly.
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We want you to be able to buy the home of your dreams. Let us work with you to make that happen!