Bankruptcy filings are at an all time high. Many consumers have amassed large amounts of debt and have gotten behind in their bill paying ability. Many think that there is no way they could qualify for a home loan, however, this is not necessarily true. A poor credit history, while unfortunate, does not eliminate the possibility of obtaining a mortgage loan. Many people have experienced credit problems over the past several years. In response to the growing number of potential home buyers with credit problems, several lenders have now made available loan programs to assist those individuals with getting back on track with their credit profile. Lenders today have helped thousands of people with credit problems get into a home that they thought they couldn't qualify for.
What bad credit does is impact the rate that you are going to pay and the amount of equity that you will have to have in the property. A few credit blemishes will slightly raise your interest rate over the current rate. Mortgage Professionals are not qualified to advise you on correcting your credit. A legal professional or someone specializing in that field should handle this. You should request a credit report to better prepare yourself before applying for a mortgage. That way if there are any errors you can work on correcting them prior to completing an application.
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