What is Bad Credit Mortgage LOan??
If you want to buy a home but missed out on pre-approval for a mortgage, there are still opportunities for you. Bad credit mortgage loans may be available to you if your credit score is below the traditional threshold of 620.
Generally speaking, borrowers with higher incomes and better credit histories can qualify for conventional mortgages. However, bad credit mortgage loans offer a second chance to those who have lower incomes or poor credit history. Read on to find out more about these loans and what they entail!
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Conclusion
Bad credit mortgage loans are a great option for those individuals who have a poor credit history and struggle to qualify for home loans because of their limited income. Lenders can provide financing to borrowers on bad credit with the expectation that they will pay back the loan. Bad credit mortgage loans are almost always secured, meaning that the lender is still entitled to secure its assets in case a borrower defaults. However, through bankruptcy or renegotiation, the lender may have first priority on any assets so you should be able to keep your home if you have a bad debt rating.
If you are looking for more information about bad credit mortgage loan options, speak with and see your current representative at a local bank or credit union..