Bad Credit 
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If your credit score is considered fair, poor or even bad you probably think you can’t buy a house. Maybe you’ve even been turned down for a mortgage. With a steady income that proves your ability to repay the loan, however, there may just be a way around the bad credit issue.

The Kris Lindahl Team is working with lenders who can help folks like you get approved for a home loan. With our network of lenders your chances of approval are much greater than if you go it alone.

Bad credit mortgages are known in the industry as “sub-prime” loans. Because they are considered riskier, these loans carry a higher interest rate than the typical home loan and that rate is largely based on your credit score. Lenders also evaluate the types of delinquencies (late rent or mortgage payments are considered worse than late credit card payments, for instance) that appear on your credit report and the amount of money you have to put down on the home.

The mortgages that our lending partners have been able to grant to our clients have more reasonable rates than the typical out-of-control interest charged for sub-prime loans.

Credit Scores

It’s common to be a little confused if this is your first introduction to the whole credit scoring process. Your credit score is a three-digit number in the 300 to 850 range, with the higher numbers representing the best credit risk.
Scoring is based on your credit reports from the three big credit bureaus, Experian, TransUnion and Equifax. Fair Isaac Corporation is the largest and most widely used to compile credit scores, which is why the score is sometimes referred to as your FICO score. When determining your credit score, FICO looks at the following data:

So, what is considered a “good” score? It’s hard to answer that question since the score that gets the best rates and terms varies by lender. Generally speaking, if your score is 750 and above you’ll be in good shape to receive an attractive offer. If, on the other hand, your score is less than 620, you may be considered a sub-prime borrower.

Candidates for Bad Credit Mortgages

Our lender partners are in the best position to analyze your credit data and determine whether you qualify for a bad credit mortgage. The following, however, can be used as a rough guide:

Again, the only way to determine where you stand is by speaking with one of our lending partners. What we can tell you is that we’ve had clients with scores in the 500 range be approved for a mortgage.

If your dream is to own a home but you’re convinced you can’t get a loan because of bad credit, contact us. We may just be able to help your realize your dream.

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