Arizona Bad Credit Mortgage

Arizona Bad Credit Mortgage

In the last couple of years, your Arizona bad credit mortgage options have changed significantly. It used to be that you could have bad credit and still get qualified for a home loan – and now, while it still may be possible to get qualified for a loan, you are most likely going to have to do some work before you can get qualified for an Arizona bad credit mortgage.

The good news is that it isn’t impossible and by taking a few simple steps on your end, we can show you how to get qualified for a home loan within a reasonable amount of time.

Just a couple of the most popular loan programs for people with less than perfect credit include FHA loans, VA loans and USDA loans. What exactly does “less than perfect credit” mean? It changes regularly, but lets just say that the guidelines for these three loans mentioned above are significantly more flexible than the guidelines for conventional financing.

If the FHA, USDA or VA loan programs don’t fit what criteria that you are looking for, there are still other options such as seller financing, private financing or even loans traditionally known as “hard money” loans.

What is the current “magic number” for your credit score. Well, while it isn’t exactly “magic”, we do see that most programs (not all!) are requiring at least a 620 mid score for consideration.

Can you qualify for an Arizona bad credit mortgage? The truth is that you won’t really know unless you contact a loan officer today because guidelines are always changing.

Bad Credit Mortgage Rates

If you have bad credit, you can expect to pay a higher rate than those people who have good credit when getting a mortgage. You also may be surprised to learn that different lenders will treat you differently and some lenders who consider a 620 to be “bad credit” will be different than lenders who consider it to be “good credit”. The best way to get the best deal for your situation is to shop around multiple lenders. Here are some rates updated daily for lenders who can possibly help you – so be sure to shop multiple lenders to get the best deal!