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Get a Mortgage with Bad Credit - The Bills.com Blog
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Get a Mortgage with Bad Credit
Thursday, Apr 19, 2007
Question: I am wondering if I can get a townhouse or 3-bedroom apt with bad credit? If so, how?
Answer: Credit rating is one factor in making a loan decision. Given your bad credit, it will be more challenging to get approved for a loan.Keep in mind, however, that if you have accumulated equity or have a sizable down payment, that could provide the cushion in an LTV (loan-to-value) calculation to get you approved. Also, your income will be a major (possibly the most important factor) as it will determine your DTI (debt-to-income ratio). Most of all,
it cannot hurt to apply and see what lenders think of your own situation.
Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and
Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and
find a loan that meets your needs.
I hope that his helps you make the right decision for your particular situation, but be sure to shop around and find a loan that meets your needs.
I hope that his helps you make the right decision for your particular situation, but be sure to shop around and find a loan that meets your needs.
Also, make sure to get a free financial health check-up with Bills IQ!
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