Low Credit Score Home Loans - Mortgages For People With Poor FICO Credit Scores

Whether you are refinancing, getting a secondhave been at your job, the better. If you are close to
mortgage or home equity loan, getting a mortgage loanthe one year mark for your employment, consider
with poor credit history can be tough. In the eyes ofwaiting a little longer at your job before you apply for
the lender, having credit problems puts more emphasisyour mortgage.
on the other qualifying factors to determine whether or3. Lenders will want to see your most recent debt
not you can get approved.payments being made on time - Even if you have had
Here are some tips to help you get approved for acredit problems in the past, lenders will be looking
mortgage loan:closely at your payment history over the last year or
1. Consider ways to come up with a down payment -two. They will be most interested in how you make
Even a 2-3% down payment can affect your ability toyour auto, utility and credit card payments. If you are
get approved for a mortgage loan or help you get aconsistent with those payments now, the lender may
lower interest rate on your loan. There are manybe willing to overlook past credit problems.
creative ways to come up with a down payment.4. Try using techniques to increase your credit score -
Sometimes it can be worth saving for a few extraThere are many tips available online to help you raise
months or a year to come up with a down payment.your credit score. There are 16 ways to improve your
2. Lenders will be looking closely at your income andscore here. You can dispute online, for free, any
job history - With bad credit, lenders are going to wantinaccuracies that are shown on your credit report. This
to make sure that your income is more than enough tocan begin raising your score, sometimes within 30 days
cover all of your minimum payments. The longer youor less.