Bad Credit Rating

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Dave Zwierecki
Phone 888-418-4467

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Bad Credit Rating
Even a borrower with a Bad Credit Rating may quailify for a mortgage.

A bad credit rating mortgage is obtainable for the purchase of a new home or refinance of an existing home loan.

A bad credit rating will not necessarily prevent you from obtaining a mortgage. You can improve your credit rating by disputing inaccuracies, paying down your balances and making payments on time.

Bankruptcy may result in a bad credit rating.
There are many mortgage programs available for people with past or current bankruptcies by calling 888-418-4467 or at
We have programs where we ignore the bankruptcy altogether!

If you have a bad credit rating, it is important to obtain a copy of your credit report and review it carefully. Are all of the debts listed yours? Are some timely payments not being reported? Are your credit limits listed correctly?

Very often, people have a bad credit rating as a result of high interest rate credit card debt, high car payments or other high monthly debt payments.
It is often beneficial to refinance this high interest debt into your mortgage payment.

Sometimes people have a bad credit rating as a result of identity theft.
Although additional documentation will most probably be required for a mortgage loan when the borrower has had their identity stolen, these people may still qualify for a mortgage.

If you have a bad credit rating but have been making all your payments on time for the last 12-24 months you should check into a FHA home loan. FHA home loans are not qualified strictly by credit score but rather by credit profile. If your mortgage broker can show with a paper trail that you have cleaned up your bad credit rating by trying to make timely payments the FHA underwrites more then likely will approve the mortgage.

Even though you may have a bad credit rating, you may not need to get a subprime loan for your home.

Some factors that can contribute to a bad credit rating are late payments on installment debt, debts that have been sent to collection agencies due to none payment, and liens or judgements placed against you by creditors. Other factors that can contribute to a bad credit rating are too many credit inquiries on your credit report and having high balances on revolving debt. Example: you have a credit card with an original balance of $5,000 and the balanced owed is $4,750.

Don't let a bed credit rating keep you from considering buying a home. In some instances you may have to spend some time repairing your credit, but in some instances your mortgage professional can fit you into a loan program right away. The best thing to do is to go ahead and discuss your situation with your loan officer. Mortgage professionals have the tools and experience to guide you through this.


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 Information listed above is to be used for educational purposes only and is not guaranteed

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