BAD CREDIT MORTGAGE LENDERS HOUSTON TEXAS – TOP TIPS TO WIN THEM OVER FOR A HOME LOAN WITH LOW CREDIT SCORE
We get it – approaching a lender with bad credit can be a cause for apprehension in borrowers. But that does not mean that you simply overlook the possibility of being a homeowner in the Houston area. It is in fact, a definite possibility. Trust us or not, there are more ways than one through which you will be able to approach any bad credit mortgage lenders Houston Texas with complete confidence.
Don’t believe us? Wait till you go through our tips to find and approach the best credit mortgage lenders Houston Texas and you will see why we are so sure! With that said, here are three tips that can help you in securing a loan through a bad credit mortgage lender.
- Before you approach any lender, we strongly suggest that you check your most current credit score. This will give you an idea of where you currently stand and the score you require to avail the loan you are searching for. Remember though that if you have a score of 740 and higher, you can qualify for loans with low-interest fee and rates. Whereas a score that is lower than 620 would mean you are eligible for the FHA or VA loans.
- If your credit score falls under the 640 category, then we suggest that you search for bad credit mortgage lenders Houston Texas. These mostly are FHA lenders and VA lenders who are quite willing to overlook a lower credit score instead of a higher down payment or additional factors such as a steady income, job employment history, etc.
- A factor that may work in your favor when approaching a lender with lower credit scores is to offer to put down a higher down payment. Typically, conventional loans require a minimum 10% down payment, whereas government loans such as the FHA, require a 3.5% minimum. If you have a low score and wish to increase your chances of being approved, approach the lender with an offer of a higher down payment.
Keep the above factors in mind when you apply for a bad credit mortgage loan in Houston, Texas, and you will find that your chances of approval increase significantly.