Q. Can I Get Approved for a Mortgage with Bad Credit?

A. Having a good credit rating is more important than ever when it comes to future purchases on credit.  Getting approved for a mortgage is not as easy as it was 5 years ago, or even a year ago, especially with the turn of events connected with the real estate bubble bursting.

It was often thought that secondary mortgages were the problem when it came to inflating real estate values and collateral worth when compared to income.   We are now learning people often bought houses they couldn’t afford and lived beyond their means, often with catastrophic consequences.

So, if you have bad credit and are looking to get approved for a mortgage, having a substantial down payment of 30% or more of the purchase price would certainly help defray some of the costs and lower the amount you want to borrow. Still, an unfavorable credit rating will still hinder any application.  At the very least, if you were approved, you would pay an interest rate comparable to the standards now being set by lenders.

* We were so impressed with Lexington Law that we decided to become a sponsor and put up this website.

We tried to apply for a bad credit mortgage even while our credit scores were in the 500 range. No lenders would even consider giving us credit. You may do what we did, which was to enroll in the Lexington Law credit repair program for a few months until your score is good enough to re-apply. Get a FREE credit consultation with credit repair experts by calling 1-800-298-4297