can a person with bad credit get a home loan
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Third, your credit now may not be "bad" so much as insufficient to qualify for a mortgage. You may be able to get your credit score over the 580 threshold in six to 12 months if you establish a good payment history. See if you can get a new credit card account, even if it is a secured credit card. Use the new credit card for small purchases.
There are mortgages available for people with a bad credit rating if you know where to look. Perhaps you’ve missed a few credit card payments, had a County Court Judgment awarded against you or.
Now that you know bad credit can cost you big bucks when you take out a home loan, here are some strategies you can use to get a more affordable mortgage. You can investigate one or more of these.
Attempting to get a home loan with bad credit can be an extended process. It is important to remember that while the FHA and Freddie Mac or Fannie Mae may require a 580 to get a loan, private firms reserve the right to deny loans based on their own personal restrictions. Many companies will not lend to borrowers with scores below a 620 or a 600.
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Opening a new credit account reduces the average age of your accounts, further bringing down your score. New credit, in the short-term, is bad for your credit score. There’s no question about it..
Then try to avoid applying for loans you aren’t likely to get. With Credit.com’s Free Credit Report Card, you will get your credit score for free, and be matched with offers from lenders. Once you get you get your loan, make sure you make your payments on time to avoid late fees and to keep your credit rating strong.