Being a finance adviser and a professional whose aim is to help financially challenged people, I have done lot of research and studies on whether it is actually possible to apply for home loan with a bad credit score and get approval for it. The answer I found is "Yes, It is certainly possible". Having a bad credit score does not mean one cannot obtain Mobile Home Loan. There are several options open to solve our purpose as bad credit score is not the end of life we all should remember. Yes, it is true that getting loan with bad credit would not be a cake walk but on other hand it should also not stop you from getting approval. Several mortgage lenders are there who tries out every possible way for you to get your credit score in shape. Plans are finalized according to affordability of the borrower even if there is a bankruptcy or foreclosure report in past.
Several bad credit mobile loan options are there, like:
i) Sub-Prime Mortgage Home Loans
ii) Stated Income Mortgages
iii) No Money down Home Loans
iv) Jumbo Loans
v) Adjustable Rate Mortgages
Once this is done we have to take certain crucial and important step without making any mistakes as this will decide our eligibility for the loan approval.
1) Know Your True Credit Score- this is always necessary as all the credit score reports are not 100% correct. Hence follow these steps to correct and rectify the same if any mistake is noticed.
* Get a copy of your credit report today.
* Verify the items listed on your credit report manually.
* Make effort to repair any errors on your credit report and remove them urgently.
* Monitor your credit regularly with strong hand.
2) Check Your Options- here few considerations are required to shape up the bad credit score.
* Pay off as much debt as you possible.
* Pay your bills on time every month.
* Do not apply for too much credit at a time.
3) Prepare yourself with the Facts- before you finally apply for the decided loan
* Get comparative market home loan quotes from as many lenders as possible.
* Low mortgage rates should be compared from top lenders.
Always remember to give written information about any adverse reason of your bad credit score for situations like, illness, temporary job suspension, marital problems or other temporary setbacks. This might help you in getting some considerations.