Any advise on getting a mortgage loan with bad credit. I have recently started to improve but not enough yet.?

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  1. Reply
    February 18, 2011 at 12:40 am

    The type of mortgage loan you would get if you have damaged credit is not one that you want. I would say work on your credit for the next 18-24 months, like paying bills on time and getting any inaccuracies removed. In that time you should see an increase in your score. There is really not a quick fix for improving your credit score.

  2. Reply
    February 18, 2011 at 1:21 am

    Keep working on improving your credit by demonstrating on-time payments. Also save for a down payment (they want 10% now). It will take time.

  3. Reply
    February 18, 2011 at 1:43 am

    Bad credit mortgages are not fun. I’m in a similar situation and I was advised to work on my credit over the next year (that was about 6 months ago.) My credit score has improved by paying my bills on time and not applying for new credit.

    Bad credit mortgages will have much higher interest rates and possibly stricter terms written in the mortgage. Do you have money for a down payment? Anything lower than 20% down for a down payment will mean that you have to pay PMI as well.

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