08/15/2022
Can I get a Home Loan with Bad Credit?
Can I get qualified and approved for a mortgage if I have bad credit? The short answer: Yes. The long answer: It’s complicated.
If you have a credit score lower than 670, which is the minimum that conventional loan lenders will be looking for, it won’t be impossible to get a mortgage, but it will be more challenging to get approved for the amount you might need.
There are things that could help you though.
✔️ If you have cash saved up that you’ll be using for a large down payment, then you’ll only need a small loan to make up the difference you need to purchase a home.
✔️You can also look into applying for alternative loans that offer more forgiveness for buyers with lower credit scores: such as FHA loans, VA loans (if applicable), and USDA loans.
If none of these are feasible options, you may need to go back to the basics and put together a plan for improving your credit score.
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