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How to Get A Home Loan with Bad Credit in 2019
BY The Lenders Network
Especially since the 2008 housing market crash, sub-prime loans almost disappeared.
There’s great news though!
FHA Home Loans
2018 FHA Credit Requirements
Compensating Factors for Bad Credit
You will also need to show a financial hardship was the reason you fell behind on your monthly bills and you have since recovered and have re-established credit. Usually if you have poor credit your loan will go through manual underwriting.
- Large downpayment (10% down or more)
- Low debt-to-income ratio
- High income
- No outstanding debt
- Large amount of cash reserves
- Significant amount of time with current employer
- Paying comparable rent payments – No payment shock
First-Time Homebuyers with Poor Credit
FHA loans also allow gift funds for the down payment. 100% of the down payment can be a gift from a friend or family member. First-time buyers may be able to buy a home with no down payment if you qualify for any homebuyer programs.
Down-Payment Assistance and Grants
You may be able to qualify for down-payment assistance or Federal Grants. Search the HUD website to find local state programs. You city or county should also have any available programs listed on their website.
VA Home Loans
USDA Rural Development Loans
The U.S. Department of Agriculture created the USDA home loan program to encourage home ownership in rural areas of the country. These rural loans are specifically for low-to-moderate income families.
Home Improvement Loans
FHA 203(k) Rehab Loan
Fannie Mae HomeStyle Renovation Mortgage
A HomeStyle renovation mortgage works similarly to a 203k loan. You are given the funds to purchase a home plus additional money to make repair or renovations. The benefit of this loan is that the loan for the home and rehab are combined into one money payment.
Mortgage Refinance Options with Bad Credit
These refinance programs were created by the Government to help reduce the amount of foreclosures by allowing people who are upside down on their mortgage, or have low credit scores refinance into a lower payment and rate.
HARP – In 2010 the Obama Administration created the Home Affordable Refinance Program to help Americans who were underwater on their mortgage be able to refinance into a lower rate and payment. The HARP program is available for mortgages owned by Freddie Mac or Fannie Mae.
FHA Streamline Refinance – If you have an FHA loan you may qualify to refinance your home using this program. Streamline refinances do not require a credit check or income verification. FHA and VA streamline refinances are a great way for borrowers with a Government loan to refinance into a lower rate without perfect credit.
Home Equity Loan and HELOC – A home-equity loan is where you use the equity in your home as collateral for a loan. It is also known as a second mortgage. With a HELOC you can tap into your equity with a line of credit that works similarly to a credit card.
Where to find the best bad credit lenders?
A pre-approval letter means that a lender has checked your credit report, verified your income, reviewed tax returns and bank statements, and you qualify for a mortgage based on the information provided.
Getting a Mortgage After A Bankruptcy, Short Sale, or Foreclosure
720 and higher = very good
680 to 719 = good
640 to 679 = fair
580 to 639 = poor
579 or lower = bad
Get Your Free Credit Score
How to Increase your Score to Improve Your Chances of Getting Approved
Before trying to get a home loan with bad credit you should work on getting your score as high as it can be. The higher your score the better odds you have of getting approved for a mortgage. If you have a significant amount of negative accounts you should use our free DIY credit repair guide.
Tips to raising your score for a home loan
- Pay down the balances on your credit cards
- Do not miss any credit card or loan payments
- Do not have too many credit inquiries
- Dispute negative information
- Contact creditors to delete collection accounts if you pay them
- Get added as an authorized user
- Get a secured credit card
Get a Mortgage Now, or Wait Increase my Scores?
Not all mortgage companies will have the same credit score requirements. If one lender denies your loan, don’t lose hope. Keep on applying with different lenders until you find one that you approve your loan.
The Lenders Network has the largest network of mortgage lenders that specialize in home loans for borrowers with all types of credit scores. We will match you will the best lender based on your specific situation.
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