Bad-Credit Mortgage

In a perfect world, everyone would make it to their first mortgage, with a complete, healthy credit report. The world we live in however, is not perfect. We understand that people have difficulties that crop up during their lives. Just because you’ve had a blemish on your credit in the past doesn’t automatically disqualify you from getting a mortgage. We’ll work with you to help you find solutions to your situation that will provide you with a mortgage.

There are some factors that can help you get a mortgage when you have bruised credit. The more information you can provide, the better we can work with you to find a solution that will work for you.

• How much you’re earning. Income that comes from a solid and consistent source that you can provide a notice of assessment for is assessed differently that income from self-employed or commission based jobs.
• Get a higher down payment. Simply put, the higher the percentage of the home you can pay for up front, the greater the chance is that you can find a mortgage lender willing to work with you when you have less than ideal credit.
• Work to improve your credit. Credit scores are updated regularly, and by taking a few easy steps you can improve your situation before you apply for a mortgage. Paying down existing loans and debts is a great way to do this, as your debt-to-credit ratio is a large determinant in your credit score.
• Try to pay all bills on time.
• If you don’t have a credit history, you should get a low-interest credit card or small installment loan. Keep your balances low, and make your payments on time. This will give you a verifiable credit history that will make you more attractive to lenders.
• Try to pay down your debt to 25% of the limit. This will greatly improve your credit score