Income, assets, and debt to income ratio are important to lenders and to you when you are wanting a home loan to buy a house if you have a low credit score. So even with a recent foreclosure, a high level of cash assets could qualify you for a decent rate. Income is important when it is compared to your debt ratio. Other debts, including credit cards and student loans, decreases your borrowing power and don't help.

Here are a few tips on getting a low credit score mortgage loan. In the area of low credit score mortgages, the minimum credit score for mortgage approval can be critical to your success or failure of getting the loan you want. The current average American credit score is estimated at 676 and many mortgage rates by credit score loan products are available. Consolidate your debt with an easy mortgage loan , low credit score mortgage or a house mortgage refinance .

Payment history accounts for roughly 35% of your total credit score. If you do have derogatory credit or late payments in your credit profile, the more recent the late payments are, the more negative the impact will be on your credit score. Payment History is the most critical of the 5 categories. It deals with on date payments.

Lenders that specialize in bad credit refinancing are called sub prime lenders or high risk lenders. Their objective is to help bad credit home buyers acquire a mortgage or loan at reasonable rates. Lenders do compete for your home mortgage loan business. They offer you the convenience of applying online for a mortgage loan, or are helpful in that they be allowed to call you at home to discuss your business needs.

Lenders on the other hand will look at a lot of things when they make a credit decision and you are trying to get a home loan to buy a house if you have a low credit score. Your income, how long you have worked at your present job and the kind of credit you are requesting will always be a factor. Lenders that specialize in bad credit refinancing are called sub prime lenders or high risk lenders. Their objective is to help bad credit home buyers acquire a mortgage or loan at reasonable rates.

Why would you let erroneous information cost you money? Because some lenders don't report information about borrowers to all three credit bureaus, your credit scores will vary. For that reason, you should get all three scores before applying for a mortgage, Ulzheimer says. For more information, visit www.federalreserve.gov.

Yet another way of getting that low credit score mortgage is through improving your down payment. When you give a high down payment, your mortgage rates are likely to go down and this is beneficial when you are trying to get a home loan to buy a house if you have a low credit score. Visit http://www.abcloanguide.com to find a list of reputable online lenders for low credit score mortgage refinance. With rates being so low, now is the perfect time for homeowners to lock in at a low rate.

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