Having your own house one day is a dream that most of us hold. That is because your own house will help you live a more convenient life where you can get all the privacy you need and live the way you wish with the added comfort of making your own decisions. This dream is common among even those of us who have bad or very low credit score. But while we have that dream, it becomes exceptionally hard to get a mortgage loan to be able to buy our own house. But you should know that getting a mortgage should not be out of your reach at all. And for that purpose, you will have to look around to find just the right lenders who offer mortgage for people with bad credit. And so, we have researched and found some of the best companies out there who can support you. However, we would like to make it clear that getting a mortgage on bad credit means that there is a higher possibility that you can end up paying a more APR on the home loan as compared to those clients with a higher or good credit score. Either way, there are companies that provide mortgage for people with bad credit. So, let’s move on ahead with it.
Mortgage for People with Bad Credit
Now overall we have two of the best companies that offer mortgage for people with bad credit and if you feel you have no other choice, you can easily count on them. The first one is Carrington Mortgage Services. This company basically specializes in mortgage loans for borrowers who come with bad credit scores. And so this company will only require a credit score of about 550 from you. You can apply to this company even when you have a credit score higher than 550. 550 though, is the minimum requirement. The company further offers you a down payment assistance through its programs that can help you make better house choices. Along with that one of the requirement it has includes an online education course for people who wish to borrow from them.
Now, the second company that offers mortgage for people with bad credit is Newamerican Funding. This company is further specialized because over there they make use of manual underwriting to evaluate possible clients. And so, it helps provide clients with more flexibility and easier loan approvals. You can get fixed rate mortgages, adjustable rate mortgages, FHA and so on. The minimum score you need is of 580.
Good luck then!