July 10, 2009, Newsletter Issue #175: Need a Mortgage with Bad Credit? Not the End of the World

Tip of the Week

Have you had late payments for car loans, medical bills, or any other service? If so, you may only be eligible for higher risk mortgage loans when you go to buy a house. This is not the end of the world. Today, securing a mortgage with bad credit is easier than it has ever been. Here are a few tips on getting a mortgage with bad credit.Apply Around. Different lenders have different standards, although most work on the same guidelines provided by Fannie Mae and Freddie Mac. You never know when you will find the lender that is willing to take a gamble on a bad credit mortgage loan. Get your application out there to see what the real options are for you.Fix What You Can. If you do have credit issues, remember, these do not last forever and can often be removed with a little effort. If you apply for a mortgage with bad credit, you are entitled to a copy of your credit report. Take this report and examine it for any errors or omissions. A few phone calls can often make the difference between being an undesirable applicant and an ‘a-paper' loan. Build It Back Up. Once you get a mortgage with bad credit, DO NOT MISS ANY PAYMENTS. Because of the size of a mortgage loan, simply paying it on time can boost your credit back up for when you are ready to move or refinance.

So, if you determine that getting a mortgage with bad credit is your only option, suck it up, and you can get your credit back up for next time.

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