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  Category: Articles » Finance » Mortgages » Article

Think You Can't Get a Mortgage?

By Mark Lambie

You've finally found that dream home that you have always been
searching for, but you are afraid to apply for a mortgage because
you have bad credit or less than perfect credit.
Before you give up entirely, there are many mortgage programs
that are geared towards people just like you. Here's a short guide
to finding the best one.

The first step in getting a home loan is to find out what your actual
credit score is. This will help to protect you against lenders taking
advantage of you because of your poor score. Some companies
may try to charge a higher interest rate than the applicant's score
actually warrants, so being prepared is very important. There are
many services to help you find and manage your score, so take
advantage of them.

Once you know your score, you can then begin to look around
for the best mortgage program. Generally speaking, lending
agencies categorize credit scores based upon a ranking system.
The A- category is for those with the best credit; the D-category
is for those with the worst credit history. But even if you fall into
the last group, you should be able to find a mortgage scheme.

There are companies that will work with you, regardless of
whether you have tax liens, judgements, charge-offs or
collections. Many of these companies will probably assign you a
higher interest rate than those with good credit, and perhaps even
require you to put down a larger deposit on your home. On
average, those with poor credit histories are only able to finance
approximately 80% of the total asking price, so you will be
required to put down the difference.

Even if you have a history of bad credit, or county court
judgements levied against you, you should find a mortgage lender
who will be sympathetic towards your individual situation.

About the Author
Mark Lambie is the founder of The Loan House a website that allows consumers to quickly and easily get mortgage refinance mortgage information.

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