Need help trying to get pre-approved for a mortgage to buy a house?
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don't have bad credit just don't have much credit and not much to use as a down payment. i know we qualify for the first time home buyer loans but a lot of lenders have turned us down cuz we are low income any suggestions?
Need help trying to get pre-approved for a mortgage to buy a house?Hello -
May I ask what state your located in, as that will change some of my suggestions.
Bad credit is OK in many cases. The lender is not worried as much about the past as they are of your ability to repay the mortgage loan in the future. Basically, if you've had credit problems in the past, the mortgage company will look at those problems and ask the following questions:
a.) How far in the past are your credit problems? (i.e.- if you had how to properly price your home and factor in market conditions on your credit card this year, you might not be able to obtain a loan)
b.) If your credit problem is in the past, is it likely to recur again?
c.) Is whatever it is that caused your credit problem gone, or is it still present today?
d.) How good is the probability that you will pay your bills faithfully every month from now on?
So, if you've had bad credit, don't let it keep you from applying for a loan. Even in the worst-case scenario, a good lender will never say no. That's because, it's not a question of IF you qualify for a home loan; it's a matter of WHEN you can qualify. This is why you should apply no matter what your credit situation.
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