can i be approved for a mortgage with bad credit

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How Soon Can I Get a Mortgage After Credit Problems? Advertiser Disclosure February 22, 2017 by Joe Butler Nobody likes hearing "it depends," but for someone wanting to get a mortgage with bad credit , this vague answer can actually be reassuring, especially when it opens a previously-closed door of future homeownership.

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Getting a Mortgage with Bad Credit. If you have bad credit and fear you’ll face a loan denial when applying for a mortgage, don’t worry. You may still be able to get a mortgage with a low credit score. Of course it will depend on a few factors, so your best bet to see if you’ll qualify for a loan is to talk to a lender. Many lenders will.

line of credit mortgage debt to income calculator for mortgage approval  · If you have a high debt-to-income ratio but great credit and a stable income, Fannie Mae’s higher dti ratio limit might help you get approved for a mortgage. But for homebuyers who don’t fit this bill, the new limit is unlikely to help much. Let’s take a closer look at how Fannie Mae’s limit increase impacts your loan-approval chances.A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on the value of your home. You can draw from a home equity.

Lack of credit can be just as damaging to your mortgage application as bad credit is. If your spouse does not have a credit score at all, or has a very short credit history, it may be better to leave him or her off of the mortgage application so that you can secure a better rate. The same goes for high credit usage or a high debt-to-income ratio.

Nobody likes hearing "it depends," but for someone wanting to get a mortgage with bad credit, this vague answer can actually be reassuring, especially when it opens a previously-closed door of future homeownership. What does that mean? Well, "it depends" on what the problems were and how long it’s been since you had those problems.

Can I Get a Mortgage Pre-Approval Online? Yes, you can get a pre-approved for a home loan with an online lender like Quicken, SoFi or Loan Depot. Any lending institution that handles mortgages should be able to provide pre-approval. That includes banks, credit unions and the growing industry of online lenders.

For instance, VA loans can get approved at the two-year mark following a foreclosure. Story continues Remember, just because you can technically get a mortgage with bad credit, doesn’t mean it’s.

 · Can I get a mortgage with bad credit but good income? It’s possible to be approved for a mortgage even if you have a bad credit score. A high income goes a long way to helping you find a lender that will approve you.

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