| When applying for a mortgage loan when you have a | | | | You will also, in this situation, still need to use a |
| bad credit history. There are a few things you should | | | | subprime lender. |
| know about your FICO score that will help you know | | | | With a credit score of 620 or higher, , you may be able |
| what to expect from mortgage lenders. | | | | to not only qualify for 100% financing, but be able to |
| With a credit score below 585, you will need to put at | | | | get a lower rate of only 1 - 2 percentage points above |
| least 10-20% as a down payment on the property. | | | | the prime rate. |
| You will not likely be approved for 100% financing at | | | | If you have a recent bankruptcy or foreclosure, these |
| this point. | | | | estimates should still be accurate within 2 years after |
| If you have a credit score of between 585-599, you | | | | bankruptcy, repossession or foreclosure. After 2 |
| will probably need around a 5% down payment in | | | | years, it becomes easier to get approved for a |
| order to get an approval for a home mortgage loan. | | | | mortgage loan, because more lenders will look at |
| You will still need to get your approval from a | | | | financing you after 2 years, whereas many lenders will |
| subprime mortgage lender. You will need to use a | | | | not even consider your application until 2 years from |
| lender who specializes in loans for people with "less | | | | the time of bankruptcy discharge or a foreclosure. |
| than perfect credit" or situations that make it difficult | | | | After a 3 year mark from the time of bankruptcy or |
| for a person to get financing for their home. | | | | foreclosure, it becomes even easier to get an |
| If you have a credit score of 600 - 620, , you will | | | | approval, in that many more lenders will consider your |
| probably be able to get an approval for 100% financing. | | | | application after 3 years. |