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Home Loan with Bad Credit
If you had prior bad credit and have low credit scores but have income, you will qualify for a mortgage loan. FHA loans are very forgiving for those folks with prior bad credit. To qualify for a 3.5% down payment home purchase mortgage loan, all you need is a 580 FICO credit score. You can have open collections and do not have to pay off old unpaid collection accounts per FHA guidelines.

You can qualify for a home loan with bad credit. However, prior bad credit is allowed but most mortgage lenders do not want to see any late payments in the past 12 months. Bad credit is inevitable if you had a prior job loss, loss of business, divorce, or medical issues. However, periods of bad credit is acceptable but not total disregard of credit. Attached is a link to an article that explains in detail on how mortgage lenders view bad credit and bad credit mortgage loans.


Here is another article on home loan with bad credit.



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