8:55 AM How to Find a Bad Credit Mortgage for Your Home | ||||
#can i get a mortgage with bad credit #How to Find a Bad Credit MortgageBy Elizabeth Weintraub. Home Buying/Selling Expert Elizabeth Weintraub has an extensive background in real estate spanning more than 30 years, including experience in related industries such as title and escrow. She is a full-time broker-associate at Lyon Real Estate's midtown Sacramento office and is recognized as a top producer. She is also a Life Member of the Master's Club, an honor bestowed by the Sacramento Board of REALTORS , and ranks in the top 1% of all the agents at Lyon Real Estate. CA BRE License #00697006 Continue Reading Below If you just completed a short sale. you might want to wait 2 years before applying for a mortgage because you ll get a much better rate if you wait. Fannie Mae guidelines say a short sale seller can qualify in 2 years for a loan as long as the seller maintains good credit after the short sale . Even if you ve filed bankruptcy, as long as you keep your credit squeaky clean after the discharge, you can probably qualify for an FHA loan in a couple of years. FHA loans don t necessarily carry credit score minimums. but the lenders who fund the loans do want a minimum FICO score . Tips for a Bad Credit MortgageMake sure you check out the mortgage broker with your state s licensing board and deal only with a reputable company. Do not get a hard-money loan through a loan shark. Following are some tips for taking out a bad credit mortgage:
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Alternative Options to a Bad Credit MortgageWork with a mortgage broker to shop for the best loan available without having to resort to a bad credit mortgage. The first option is to work on repairing your credit.
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
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