Bad Credit Won’t Stop You From Getting A Mortgage

While advertisements infer that excellent credit is a necessity when it comes to getting a mortgage that is not entirely accurate. In fact, even people with poor credit scores can get a mortgage.

Mortgage lenders assess more than just a credit score when evaluating a mortgage application. If your debt-to-income ratio looks favorable and you have complete documentation for all of your assets and income, then you have a good chance of getting a mortgage with bad credit. The Federal Housing Administration’s home loan program is one way that borrowers with bad credit can get a mortgage. Rates on FHA loans are not very high, but there are strict mortgage insurance requirements that require payment for the life of the loan.

Of course, working to improve your credit score before applying, even just small improvements, help you qualify for better rates.

For more information about mortgages in California, contact Avis Lending today. We are happy to help you with your mortgage questions.

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