CAN YOUR LOW CREDITSTILL GET YOU A MORTGAGE?

Generally, your credit historywill include the following:

Late and non paymentsTypes of credit accountsCredit report inquiriesCredit amount of debt

Do you pay your bills ontime? Do you have otherloans? Have you beenshopping around for

loans?

How to Increase YourChance of Loan Approval

Check your credit report for errorsExplain your low scorePay your bills on timePay a higher depositConsult with loan experts

It is recommended to review yourcredit report periodically to helpguard you against identity theft.Before applying for a loan or even ajob, reviewing your credit reportcan assure you that the informationcredit bureaus have are complete,accurate, and up-to-date.

1. Check your credit report for errors

The type and amount of loanReason why you want to get the homeThe credit trouble and how you overcame itAssurance that you have completely recoveredfinanciallyAttachments supporting your statements

2. Explain your low score

What to include in the explanation letter:

The credit score report goes as far as 10 years (andeven more) of payment history. If you just recoveredfinancially, you should be able to verify it by showingthat you have been paying your rent and other bills ontime for the past 12 months.

3. Pay your bills on time

If you have the resources, it would be easier to getapproved for a mortgage loan if you put down a higherdeposit of about 20 percent or more. FHA loans onlyrequire about 3 to 5 percent down payment so you cankeep the extra cash in reserve.

4. Pay a higher deposit

There are a lot of information available online to helpyou get a loan even with a low credit score.Underwriters make decisions based on your individualsituation so it is good idea to consult with experts toget a more detailed solution.

5. Consult with loan experts

click here to learn more

SECURE.FHA.CO

INFORMATION ORIGINALLY PUBLISHED APR/15/2016

INFORMATION PROVIDED BY:

He is Americas Mortgage Commentatorand has been providing Mortgagecommentary for over 10 years.

JUSTIN MCHOOD

MORTGAGE.INFO

L E A R N M O R E A B O U T M O R T G A G E . I N F O

@_MORTGAGEINFO

WWW.FACEBOOK.COM/WWW.MORTGAGE.INFO/

PINTEREST.COM/MORTGAGE_INFO

MORTGAGE.INFO

LENDER HOTLINE: 855-531-7677