If you are attempting to obtain a mortgage with bad credit do not despair. It is possible to improve your credit over time and to qualify for a new mortgage loan.
Boosting credit scores is not the only means for people with deficient credit to get a home loan. The Federal Housing Administration (FHA) has made it easier to quality for a mortgage for people with bad credit. Under certain circumstances, people who have foreclosed or declared bankruptcy can obtain an FHA loan several years earlier than a conventional loan, and these people can buy a home with a smaller down payment.
Here are a few ways to help obtain financing for a new mortgage loan with bad credit:
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Improve payment history by making payments on time
- Build up savings
- Show evidence of steady employment for a period of one to two years
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Do not open new lines of credit Use credit cards sparingly, and without overextending credit lines
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Make payments in full
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Have up to four different kinds of credit accounts
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Come up with a budget plan and stick to it
The only thing you have to lose is your bad credit
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