California Mortgage - Buy A House With Poor Credit - Requirements For Getting A Bad Credit Mortgage Loan
January 31st, 2007Buy A House With Poor Credit - Requirements For Getting A Bad Credit Mortgage Loan
The process for buying a house with poor credit is very similar for those with prime credit ratings. The requirements are the same - have a steady source of income and willingness to research to find the best lender. With a little bit of time on your part, you can get a rock bottom mortgage rate even with bad credit.
Basic Requirements For A Mortgage Loan
Lenders are primarily concerned on whether you can repay your mortgage or not. They only make money if you make your payments. So they look at your income, cash assets, credit history, and a few other factors when determining your loan rates.
Poor credit doesn’t prevent you from getting credit, just the very lowest rates. However, other factors can help you secure lower rates. For instance, your income dictates the maximum amount you can borrow, along with your rates. Having cash assets for more than three months’ living expenses also helps you qualify for low rates.
Besides having a regular source of income, there really aren’t any hurdles for you to get a home loan. Even subprime lenders offer zero down mortgages for those with adverse credit.
Click here for more information about bad credit mortgage
