Home loan approval can be challenging for anyone. This is especially true if you have a lower credit score or other credit issues. There is good news. Todayâ€™s real estate market is improving and real estate lenders are offering home loan approval and real estate mortgages for lower credit scores.
Regardless of your credit score you should be aware of the following factors that lenders review heavily before offering you a home loan approval. If you have a lower credit score focus on the other factors.
Low Credit Score Home Loans
A low credit score or other credit problems doesnâ€™t necessarily mean you cannot qualify for a home loan. There are low credit score home loans available in the present market. You can also take some steps to improve your credit score and credit profile before you apply for a home loan.
These same steps are used by mortgage professionals, credit repair professionals and legal professionals to help their clients secure low credit score home loans.
Stated Income Home Loans Stated income home loans are home loans that do not require extensive documentation of your income. These home loans are often used by self-employed business owners, investors, retired and other home buyers that are not employed in a traditional job.
Stated income home loans developed a poor reputation due to the subprime mortgage crisis of 2007-2008 however they are beginning to resurge as a loan option for some home buyers. The standards for stated home loans have changed and in the current market you will be required to have a good or very good credit score in order to qualify for a stated income home loan.
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