Bad Credit Home Loans

"By: Bob Hale Realty"

Bad Credit Home Loans 

  • VA HOME LOANS WITH A 500 SCORE
  • FHA HOME LOANS WITH A 550 SCORE

 

Mortgage possible with credit problems
Fear of a loan denial has led some consumers with low credit scores to simply not bother applying for a mortgage. But, while you’ll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from a few lenders.
“Your credit score is a piece in the qualification puzzle, but it’s not the whole puzzle,” says Josh Moffitt, president of Silverton Mortgage Specialists in Atlanta
‘Fair’ to ‘poor’ is considered a low credit score
There aren’t any hard lines between a “good” and “bad” credit score. The scores break down like this:
Credit score
A number, roughly between 300 and 850, that summarizes a consumer’s creditworthiness.
The higher the score, the more able and willing a consumer is to repay a loan,

740 and higher = excellent
661 to 739 = good
601 to 660 = fair
501 to 600 = poor
500 or lower = bad
Is your credit mortgage-ready?
Borrowers’ credit scores are falling

Some Lenders started accepting lower credit score in mid 2017 this is good news for you
Borrowers with low credit scores often get VA or FHA loans

Lenders are typically more lenient with credit qualifications for borrowers who opt for government-insured Federal Housing Administration loans.

Credit Score Requirements Below

VA, 100% Financing 500 credit score

FHA, 3.5% Down 550 Credit Scores

USDA, 100% Financing 580 Credit scores

Call Me And Call Me Quick

706 840-4663  or 706 796-2274