Do I have to have perfect credit to get a mortgage?
No! Many clients have less than perfect credit. If you are currently past due on loans that can make the process more difficult. If you have had negative credit in the past the underwriter that reviews your loan for approval may want an explanation why you had negative credit and why it is not likely to happen again.
Can I get mortgage if I don’t have any credit?
Clients who don’t have a credit history may still be eligible for a loan if they can verify alternative sources of credit. These sources could be items such as rent, insurance, cell phone, day care and utility payments. Even an established pattern of being able to save money can help. Some programs allow for co-borrowers who can sometimes assist you in qualifying for a loan.
What is the minimum credit score to get a mortgage?
Many programs do require a minimum credit score. The minimum credit score requirements can vary from one program to another. We can help you to determine what programs you may qualify for. Clients with high credit scores generally will have many more options than clients with lower credit scores.
Can I get a mortgage if I have unpaid collections or judgements?
Collections and/or judgements that are outstanding do not necessarily disqualify you for a mortgage. The underwriter who will review your loan for approval will likely want an explanation as to why they exist and will then make a determination as to whether or not they will be required to be dealt with prior to your final loan approval.
Can I get a mortgage if I had a previous foreclosure, bankruptcy or short sale?
Clients who have had a previous foreclosure, short sale or bankruptcy can often times qualify for a new mortgage provided they meet the required waiting periods. The period of time you must wait to purchase a new home after foreclosure, short sale or previous bankruptcy can vary. I can explain to you what your options are.
Can I get a mortgage if I paid loans late or had accounts charged off?
Depending on when your payments were made late or when your accounts were charged off, they can have an impact on your credit score and your ability to qualify. Most programs look unfavorably on negative credit within the last 12 months. This does not mean that you can’t qualify as much as it can make it more difficult.
Can I get a better deal on my mortgage if I have great credit?
If you have a high credit score and have used credit responsibly you will find you have many more options available to you for the purchase of your home. In addition, you will qualify for better rates and terms than clients who have had credit issues.