Can I Get A Mortgage With Poor Past Credit But A Great job?

Great tips to help you get a mortgage loan with poor credit and a great job.

Poor credit can happen for a number of reason such as job loss, inability to pay, or falling behind on payments. Regardless of your past credit mistakes, you may still be approved for a loan, especially if you have a great job. The most important step is to fix your credit before you step foot in a bank.

How Do I Fix My Poor Credit?

Obtain a copy of your credit report before you sit down with a mortgage broker or bank loan officer. Go through it thoroughly, paying special attention to your poor markings. Why did these bad credit issues arise? Have you since changed your habits? Also, look for inconsistencies with your credit. a tri-merge, or three score credit report will show what all credit bureaus are reporting. If you have any resolved issue that has not been cleared from your credit, get it taken care of right away. Also look for debt you can pay down or pay off. Consider catching up late payments to put you in good standing.

I Fixed My Credit, So How Do I Get a Loan?

Subprime loans were the way to go for borrowers with bad credit. However, subprime lenders have recently witnessed a huge crisis, and many offices have been shut down. The best option today is an FHA loan. FHA loans are government backed loans that will allow you to purchase a home with a low down payment. Depending on where you are located, FHA will loan up to a certain amount. This amount fluctuates with your local market. It is best to research to type of loan you want and the amount you can safely afford before you approach a bank or mortgage company.

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