When you have a bad credit score and want to buy a house, you will have to make one of two choices. Wait and improve your credit rating before you proceed or opt for a bad credit mortgage. This article is for anyone who opts for the second option for getting a bad credit mortgage from MortgageKey.
Requirements for Getting a Bad Credit Mortgage
While the bad credit mortgage is for people with defaults on their credit record, you still must meet some requirements to qualify. Some of these requirements are mentioned mecidiyeköy escort below.
Good Income
Before any lender offers you a mortgage with bad credit, you must have a good income source. Your income is considered good if it is stable and consistent and allows you to make monthly mortgage payments without stress. It should also cover the home owner’s insurance premiums and other expenses you will need to pay for the house.
Bulk Sum for Down Payment
Apart from having an ongoing income source, it would help if you also had a lump sum for the down payment. Typically, the down payment for buying a house is 5% to 10% of the house’s value. However, because of your bad credit, you will need to pay merter escort bayan between 15% and 25% as a down payment.
Conclusion
If you meet the requirements for securing a bad credit mortgage, you have to find a lender willing to give you the opportunity. Lenders like MortgageKey may have specific requirements, and each case is given customized attention.
