Poor Credit Home Mortgage Loans - The Role of the FICO Score
If you have bad credit history and are looking to get a home mortgage loan,
then chances are you are going to need to know all about how the FICO credit
scoring system works.
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
FICO – Fair ISAAC & Company
– is the leading credit reporting agency that lenders turn
to when it comes time to credit scoring your home loan mortgage
application; so if you do have bad credit history, these guys
will know.
The formula used by FICO cannot
be disclosed because of a decision made by U.S. Congress. There
are some things generally known about FICO which that could
help you understand why and how you can get approved:
1. The higher your FICO score,
the better chance you have of getting that home mortgage loan.
Also, the higher your score, the more room you have to negotiate
a lower interest rate.
2. If you have a FICO score lower
than 500, there is very little chance you'll be getting a mortgage
home loan.
That said, if you have a score
of:
500 – 600 you should be able to
get a home mortgage loan, provided you are willing to make
a down payment.
600 – 640 You should get a 100%
home loan financing. Thats right, with no money down.
640 - 700 You should be able to
be approved for a 125% home mortgage loan. 700+ you're in the
drivers seat! You should be able to get an excellent rate with
excellent terms.
3. FICO depends on each credit
report, so before you apply for a home mortgage loan, if you
have bad credit history, get a copy of your credit report and
make sure there is nothing on there that shouldn't be there.
If there is, get it changed before you apply for the home mortgage
loan.
4. Wait until after you have purchased
or refinanced your home before you buy anything additional
on credit. More loans or higher balances can have a dramatic
effect on your mortgage approval, regardless of whether or
not you had over a 600 FICO score before you bought on credit.
5. Remember, the FICO score is
only a part of your home mortgage loan application, so if at
first you don't succeed in getting your home loan mortgage,
don't give up. Some lenders may still be willing to lend to
you!
People with bad credit often don't
understand how the credit scoring system works. It is beneficial
to find out more about it when looking to get a home loan with
less than perfect credit to bad credit or when dealing with
sub prime mortgage lenders.
Here are our recommended sources for bad credit mortgage lenders online:
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
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