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Can I get a home loan with bad credit?

Can I get a home loan with bad credit?

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Answer #1

Yes… with high interest rates. Rates will depend on your credit score. Do you know your credit score?
If not, you should pull your credit report and score before applying for any type of credit or loan.

Answer #2

The mortgage industry is still trying to recover from the real estate disaster from a few years ago. In fact, when you apply for a mortgage it is run through an automated credit underwriting computer program. If you do not meet the criteria, which is credit score driven, your file is rejected. If it is accepted with a low credit score, your interest rate is much higher than the rates you see advertised. The best thing to do is repair or correct your credit which can drastically increase your credit score in a very short time. You can get free step by step instructions on how to do this at http://funadvice.com/r/3k05rfegtp

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