There are several important steps for consumers to take if they want to be approved for a mortgage with bad credit. First step is to get a copy of your credit report and clean up any errors or discrepancies. The second step is to write a letter of explanation for any late payments or collections that are being reported. Even bad credit lenders want an explanation for derogatory credit accounts. This is your opportunity to paint a picture for the underwriter when you apply for a home loan. If you were late on a credit card bill because you were laid off or on disability it often makes a difference. The third step is to shop with lenders that actually offer bad credit mortgage programs. Too often we hear stories about borrowers getting quoted a low rate from a lender that doesn't actually offer mortgage programs for people with bad credit. If you have low fico scores, make sure you are comparing quotes from bad credit lenders and not irresponsible loan officers. Finding a mortgage lender for bad credit may take some time, so don't always plan on closing your loan in less than 30-days.
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BCML offers info on mortgage programs for bad credit, but requirements, guidelines and rates are subject to change without notice.
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