I have bad credit as a result from a divorce. Is there still a chance of me securing a mortgage?

Question

I have bad credit as a result from a divorce. Is there still a chance of me securing a mortgage?

Answer 1

Yes, you will pay a higher interest rate and more points

Answer 2

Bad credit will not keep you from getting a mortgage. However, there are some caveats to this. You can even get some pretty good rates and term with bruised credit, however there are several other things that enter into the equation: HOW bad (scores will need to be 500 or better unless you have a significant amount of equity if you refi, or a significant down payment for a purchase, are there late payments on your mortgage history?

Your best bet is to meet with a reputable mortgage broker to discuss your specific situation and the options available (including 100% financing even with bad credit!

Answer 3

if your score is over 500 yes but you will need a down payment at560 you can get 90% loan to value or even 95 and at 580 full doc you can get a mortgage at 100 %



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mortgage broker 408 569 0261

Answer 4

These days, anyone can get financing, even those who have just gone through bankruptcy. Just a side note: People who file for bankruptcy are considered a good credit risk because they cannot file bankruptcy for a number of years.



I'm curious as to how a divorce suddenly ruined your credit. Were you stuck with all the bills?

Answer 5

yes there are loan programs out just for people in you postion try creative mortgage @ 1-866-488-0929 ask for anthony in HR he will put you in touch the a l.o.

Answer 6

Yes.