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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!



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IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

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