Bad Credit Mortgages
If you have bad credit, is it still possible to get approved for a mortgage? The answer is yes! But, there are many other factors that will determine how much money and what interest rates you'll get with a bad credit mortgage.
Among the other factors used to determine the terms of bad credit mortgages are your credit score. This takes into account your debt-to-income ration, prior payment history, total debt, bankruptcies, etc. Just about every lender has their own definition of "bad credit", but the average seems to be anyone with a credit score of less than 620.
Another factor in determining if someone is eligible for a bad credit mortgage is the credit risk score. This score tells lending institutions such as banks and credit unions how "risky" loaning money to a particular person will be. Obviously, the lower the risk, the more likely you you'll be approved for a loan.
If you don't get approved for a bad credit mortgage right away, don't worry. If you work hard to improve your credit standing by always making payments on time and not taking on too much debt, you'll be surprised how fast your credit will improve!
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