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Low Credit Score Mortgage
An application for a mortgage loan requires many things to be considered. Your credit history plays a very important role in the ultimate acceptance of your loan. In other words, a good credit score makes you highly qualified for that mortgage loan but a bad credit score can disqualify you from getting the mortgage loan. Almost all top mortgage lending companies follow this rule. Of course, many other factors also affect your mortgage loan approval. Some of these factors are value of the property, policies of the mortgage lending company, and others that are outside of the market rates.
Our target is how to acquire a mortgage loan despite poor credit scores? To start with, you must take care about several factors like ratio of debt to income, assets, and income, in addition to above mentioned issues. You can get a decent deal on your mortgage even if youhad recently done a foreclosure provided the level of the cash assets you have is high. You can safely conclude that it is possible to get a low credit score mortgage.
A proper assessment of your property can help you in getting a low credit score mortgage. For ...
... example you plan to buy a property in an area where it is known to have positive effects on increasing home values. Take note that government entity sponsored conventional loans give out low rates while jumbo loans have naturally high rates. You can factor this in your search for a low credit score mortgage.
You have high chances of availing a low credit score mortgage if you set your sights on adjustable rate mortgages. By definition, adjustable rate mortgages give out low rates. With this low payment obligation, you have chances of being able to borrow more. Adjustable rates though will change after its initial period. They move in accordance with market conditions. You can use caps as a measure of hedging against such changes. Another strategy is to go in for refinance in order to lower rates.
Yet another way of getting that low credit score mortgage is through improving your down payment. When you give a high down payment, your mortgage rates are likely to go down. Usually, a down payment of 20% is recommended if you can exceed that proportion all the more better.
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