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kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

Can Those with Bad Credit Still Get a Mortgage Loan?

Guest

Sure they can but it depends on what you definition of bad is... These day 620 is magic number for a mortgage.

eric1 · Posted: Tue Sep 22, 2009 5:26 pm Post subject:

Yes you can still get a loan however there are just a few lenders who will work with you. In addition, your other factors (income, debt, LTV) also must be favorable.

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

hi,

mostly the lender will want to look over your credit report, your employment history, your income, and the amount of debt you are carrying. Lenders will also look closely at available cash. This is where things can change in your favor. If your credit rating is low, you will typically need to have much more available cash to compensate. A steady income notwithstanding, if you have cash reserves, you will be able to put down a higher down payment

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