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If You Have Bad Credit, Can You Still Get A Mortgage?

January 14, 2009

“If you have bad credit, can you still get a mortgage?”

Generally speaking – no.

Or maybe I should say “not until you fix your credit”.

Fix your credit?

How does that work?

The truth is, I don’t really know (how is that for honesty?).  But I can say that we work with a small handful of credit repair companies who help people remove inaccurate information from their credit reports and have seen people have success with these companies.

The end result?

I see someone who has a poor enough credit score (below 580) that they can’t qualify for a mortgage loan going into one of these credit repair programs and someone who has a high enough credit score to qualify for a mortgage “graduating” from their programs.

Common Questions About Credit Repair Companies

Do credit repair programs cost money? Yes.

How much do credit repair programs cost? Each one is slightly different, but it seems to be less than $100/month in general.

Will they actually “fix” my credit? Yes – or at least that is what I have seen happen with clients that I have seen enroll in their programs.

How exactly do they “fix” my credit? I don’t know – but they will be happy to explain their process, I am sure.

Is credit repair a “scam”? Not the credit repair companies that I am familiar with – their clients enroll, pay a fee and generally graduate the program with higher (usually high enough to qualify for a mortgage) credit scores. That would seem to disqualify them as a “scam”.

Do you currently have bad credit? Now is the time to invest the time and money to fix your credit so that you can qualify for a mortgage while interest rates are low — and interest rates won’t stay low forever!

Oh, and Mr. Obvious just stuck his head in my office and asked me to remind everyone that the first step toward fixing your credit is to to keep paying your bills on time.

Filed Under: Credit Scores Tagged With: Credit Scores

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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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