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Mortgage - Bad Credit History
As you probably understand, mortgage lenders look to your credit history to evaluate what type of a borrowing risk you are. Traditionally, this evaluation is represented in the form of FICO scores, a term named after the company that started the system - Fair, Issacs.
You might be surprised to learn that a bad credit history is a subjective determination. FICO scores are interpreted differently by mortgage lenders, but there are some general guidelines. The "perfect" borrow has a FICO score of 800, but nobody falls into that category. Instead, most fall in the 700 to 600 hundred range and get treated differently as their score drops.
Mortgage - Bad Credit History
In the past, getting a mortgage with a bad credit history was next to impossible. These days, a bad credit history need not be the end of your dream of homeownership.

Mortgage - Bad Credit History

As you probably understand, mortgage lenders look to your credit history to evaluate what type of a borrowing risk you are. Traditionally, this evaluation is represented in the form of FICO scores, a term named after the company that started the system - Fair, Issacs.

You might be surprised to learn that a bad credit history is a subjective determination. FICO scores are interpreted differently by mortgage lenders, but there are some general guidelines. The "perfect" borrow has a FICO score of 800, but nobody falls into that category. Instead, most fall in the 700 to 600 hundred range and get treated differently as their score drops.

Bad credit history mortgage generally are classified as those people with FICO scores of 560 or lower. 350 is as low as you can go. If you fall within this area, you need to seek some professional mortgage broker help. The link above leads to a company that specializes in getting mortgages for borrowers with bad credit histories. Frankly, they are pretty amazing.

When you have bad credit that results in a low FICO score, you need to understand that you are not damned! There are lenders that specialize in providing you with mortgages. If you are not careful, however, you can get financially skinned alive by some of them. This is where the mortgage broker comes in.
Mortgage brokers specialize in knowing the market. Every single day, they get updated loan programs from the various lenders offering mortgages for good and bad credit history applicants. In turn, these brokers can provide you with advice and information on your options and the best choice to take. Even better, the brokers get paid by the lender, and only if you actually get a loan. As you can imagine, this makes the mortgage broker highly motivated when it comes to getting you financing.

If you are seeking a mortgage and have a bad credit history, there is really only one answer. The recommended mortgage broker above.
Article Source:http://www.fsboamerica.org/Mortgage-Bad-Credit-History.cfm