C.L. Haehl asked:




Whether you are refinancing, getting a second mortgage or home equity loan, getting a mortgage loan with poor credit history can be tough. In the eyes of the lender, having credit problems puts more emphasis on the other qualifying factors to determine whether or not you can get approved.

Here are some tips to help you get approved for a mortgage loan:

1. Consider ways to come up with a down payment – Even a 2-3% down payment can affect your ability to get approved for a mortgage loan or help you get a lower interest rate on your loan. There are many creative ways to come up with a down payment. Sometimes it can be worth saving for a few extra months or a year to come up with a down payment.

2. Lenders will be looking closely at your income and job history – With bad credit, lenders are going to want to make sure that your income is more than enough to cover all of your minimum payments. The longer you have been at your job, the better. If you are close to the one year mark for your employment, consider waiting a little longer at your job before you apply for your mortgage.

3. Lenders will want to see your most recent debt payments being made on time – Even if you have had credit problems in the past, lenders will be looking closely at your payment history over the last year or two. They will be most interested in how you make your auto, utility and credit card payments. If you are consistent with those payments now, the lender may be willing to overlook past credit problems.

4. Try using techniques to increase your credit score – There are many tips available online to help you raise your credit score. There are 16 ways to improve your score here. You can dispute online, for free, any inaccuracies that are shown on your credit report. This can begin raising your score, sometimes within 30 days or less.

Ellen

undecided asked:


My Wife and I have been separated for over two tears now, but not divorced. I recently tried to view my credit report, and i was asked questions that only I should know. The Questions were in reference to a Mortgage of some sort, in the state of Illinois. Well, Thats where my wife lives. Needless to say, I was unable to view my credit report, because I could not answer the questions. Is it possible that she took out a mortgage loan in both our names?

Roberto

Teresa D asked:


We have 2 medical-related judgements and one from a credit card on our credit report. We spoke to a lender about buying a home and he said every mortgage companay would deny us because the people who have the judgements against us would put a lein on the property until they were paid. Is that true?

ETHAN

gdroot1961 asked:


I file bankruptcy 2 years ago. I reaffirmed my house then decided I could not afford it. I had two mortgages and we moved out and told bank to foreclose. They sold house and I was told that they could not collect anything owed because of the state laws where I live and that I had filed bankruptcy. Now my credit report shows the bankruptcy but not the foreclosure. So I am wandering if somehow the foreclosure will show up somewhere once I try to get another home loan?

EMILIO

hopeful77 asked:


My mortgagecompany issued me a moratorium for 4months (postponed payments)due to hurricane Wilma. This Hurricane displaced us for a couple of months and caused an extreme Financial hardship. The mortgage company(Wells Fargo Home mortgage) has on their records that they will not report any late payments and/or there will be no negative credit reporting.However, after i sent the payments and checked my credit report they indeed reported 120 days late payments to the major credit bureaus. When i talk to the represenatives they indeed see the notes about not repoting late to the credit bureau and even waived every late charge,but are adamant about not removing the negative reporting. I was a loyal consumer and my lateness was due to “acts of Nature” beyond my control. Initially the moratorium helped our family, but in the end it has really hurt my credit worthiness. I am having difficulty securing another home loan (sold previous property)because of the negative reporting. What can I do?

EMANUEL

hopeful77 asked:


My mortgagecompany issued me a moratorium for 4months (postponed payments)due to hurricane Wilma. This Hurricane displaced us for a couple of months and caused an extreme Financial hardship. The mortgage company(Wells Fargo Home mortgage) has on their records that they will not report any late payments and/or there will be no negative credit reporting.However, after i sent the payments and checked my credit report they indeed reported 120 days late payments to the major credit bureaus. When i talk to the represenatives they indeed see the notes about not reporting late to the credit bureau and even waived every late charge,but are adamant about not removing the negative reporting. I was a loyal consumer and my lateness was due to “acts of Nature” beyond my control. Initially the moratorium helped our family, but in the end it has really hurt my credit worthiness. I am having difficulty securing another home loan (sold previous property)because of the negative reporting. What can I do?

ROBBIE