Mortgages With Bad Credit

Dated: 02/04/2015

Views: 2604

Mortgages for buyers with 540 credit score or higher.

If you're struggling with less than perfect credit, the search for a new home can be a saddening and frustrating venture. When you're working with poor credit it limits all of your housing options, even landlords these days are foolishly looking for tenants with good credit, what I tell these landlords is that if someone had perfect credit they could easily buy a house and pay 30-40% less than what the landlord is asking. Nonetheless, the process is frustrating for both the shopper and their agent. 

Luckily, banks are loosening up their standards allowing more people to qualify for mortgages. We've been able to get people into homes recently with a 540 credit score. If you thought home ownership was out of your reach, you may have been mistaken. If you have steady income that you can prove for the last 2 years and no major deficiencies on your credit, you may be able to qualify for a mortgage. The rate of your mortgage won't be astronomically high like if you were purchasing a car either, usually it only varies by .5 point or more per year.

Along with the low-credit mortgages, we may also be able to find buyer incentives that would qualify you for down-payment and closing costs assistance, so you could actually move into a house for less than it would cost you to rent a home.

If you'd like to find out if our mortgage and downpayment programs will work for you, contact us with the chat below, or call 410.384.4059.

2 comments in this topic

  • Posted by Toya
    Hi, I have contacted you all before to no avail. I am really looking to purchase a home. Sooner rather than later. Current lease expires May 30th. Please contact me on if you can help. Thanks.
  • Posted by Dee Weekes
    Is this really true. I am tired of hearing "yes we can help." Then all my info is submitted the answer is..."NO.... You need to clean up your credit a little more." Please do not waste my time...either you CAN or you CANNOT.

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