Can I get mortgage at bad credit?

Here is what you an expect with your score

You will have to have at least 20-30% as a downpayment and you will have to be making enough money to fit the debt to income ratios and in that case you can get a mortgage but expect a 9%++ rate. In any other case you will not likely to get a loan.

I checked my credit scores today and transunion rated me 641, ecperian 590, and equifax 613. what are my chances af getting a decent loan for a truck

Welcome caroll,

I won't say that your credit scores are excellent, but still you can apply for a truck loan with the local lenders. They will go through your credit situation and income and will let you know whether or not you can get a loan.

Yes, you can get a mortgage even at bad credit. But, for this, you have to make some extra efforts. It is very difficult to get a mortgage loan at the same interest rates which other people get with good credit history. You may have to pay a higher rate of interest as compared to others. It is always possible to get mortgage if you follow some important steps but the interest rates will always be higher.

Since you have a relatively low credit score, it would be best to build up your credit score first. With a credit score such as 300, you can apply for a loan from lenders which specialize in helping people out with bad credit; however, you will be guaranteed to be charged a really high interest rate and will be required to pay for a large down payment. It would be better to work on improving your score first rather than applying for a bad credit loan which might put you in a worse financial situation.

Since you mentioned that your credit score is below 300, I would suggest that you work on improving your credit score first. If you apply for a conventional loan, chances are high that you will immediately be declined because of your score. At this point, you can qualify for subprime loans because these are loans which cater to people with bad credit; however, the interest rate will surely be high. The best thing to do as of the moment is to work on a better score so that you can avail of lower rates that best suit your budget. You should check free credit score regularly so you can keep track of your progress and know when you have finally reached your credit score goal.

Yes you can, but you are right. The rate of interest is going to be very high for you. Lenders who offer mortgages to people with bad credit or sub-prime loans are your best bet but they will be extremely expensive. If you decide to go with those loans, you have to be really careful as usually, the terms will not work to your advantage and associated fees might go up to an amount that you might find hard to pay. If you have time and if your situation is flexible, you might want to work on improving your score first so you can get better deals.