Poor Credit Mortgage Loan


	Poor Credit Mortgage Loan Know How Your FICO Score Affects You
If you have poor credit, a mortgage loan may be a little harder to get approved than if your credit score was average. One way to determine the ease with which your mortgage loan will be approved is to understand how your credit score affects you, and how it is affected by your financial situation. Fair ISAAC & Company (FICO) is the credit reporting agency that most lenders turn to for your credit history. Your FICO score is what determines if you have to settle for a poor credit mortgage loan. If your score is below 500, it may be impossible to secure a mortgage loan, and you may need to work on repairing your credit before applying for any loans. With a score between 500 and 600, you should be able to get a poor credit mortgage loan, as long as you have a down payment. With a score over 600, you should be able to get 100% financing.

		Before applying for your poor credit mortgage loan, know what your score is, so that you know what to expect. The United States passed a law stating that all Americans can file for a free credit report once yearly. You should carefully review your credit history for anything that can be corrected. Remember that your FICO score, although an important factor in getting approved for a poor credit mortgage loan, is only a part of the application. If you are turned down by one lender, try another. Don’t give up. The key to finding the right loan and getting approved is knowing how the system works. Have a clear knowledge of your credit history, and don’t add to it until after your loan is approved (don’t purchase anything else on credit). Don’t let your dreams be put to rest by poor credit. A mortgage loan is still a very real possibility for you.

Articles by Staff Writer Robin Vela, a freelance writer living in Texas

A Poor Credit Loan