Just because you have bad credit doesn’t mean that owning a home is completely out of your reach. We understand just how quickly your finances can take a turn for the worst, and that is why we are proud to work with clients who are interested in a bad credit mortgage. Even if you are struggling with bad credit, you could be on the path toward owning a home before you know it.

A Look at Bad Credit Mortgages

This type of mortgage is specifically designed for those who are struggling with one or more blemishes on their credit history. While getting approved for a home loan with bad credit is going to be challenging, it is important to remember that it isn’t impossible. If your credit is poor, we can help you search for lenders who focus on a variety of other factors. That includes your household income, the size of your down payment, and your current equity if you already own a home.

Benefits of a Bad Credit Mortgage

• Become a Homeowner: Many people who have bad credit believe that owning their own home is completely out of their grasp, but that isn’t always true. As long as you have a verifiable income and are ready to put in a little extra work, you could have the keys to your new home within a few weeks.

• Rebuild Your Credit: One of the best aspects of owning a home is the fact that it is going to build your credit score over time. Owning a home outright could help you finally take control of your finances.

• Avoid the Renting Cycle: Even though renting a home can be a good option in some situations, that financial decision is going to cost you quite a bit of money in the long run. With every mortgage payment that you make on your new home, you will be building equity.

What are the Requirements for a Bad Credit Mortgage?

Since your credit is low, the lender will have to dig a little deeper to determine if they are going to approve the loan. They might want to take a closer look at exactly why your credit score is so low and if the circumstances were out of your control. They will also need to look at your income history to see how steady it is. Your down payment will play a major role as well, and you should do everything in your power to ensure that you have a sizeable amount of money to put down.

The Application Process

Bad credit mortgages usually take slightly longer to approve, but this process should still only take two or three months as long as all of the paperwork is together. During your initial consultation, we will take a closer look at your credit history to determine if this is the right type of mortgage for you. Once the paperwork has been filed, you should receive an answer within a few weeks.

Call Today to Explore Your Options

We understand that owning a home is a major life goal for many people, and that is why we try to help everyone through the process of applying for a mortgage. We work with a variety of great lenders who will take a look at other factors besides your credit score, and you might be approved for a loan within weeks. Please contact us today to see if you might be eligible for a bad credit mortgage.