Fixing Your Credit to Get a Home Loan
If you have been trying to get a mortgage and have been denied because of your credit score you may be a candidate for credit repair. Credit Repair is the process in which a company will work to have any inaccuracies or negatives removed from your credit report. A recent study showed that nearly 60% of all credit reports contained inaccurate information. This means millions of people have a score lower than they should because of false information.
Just to show how serious an inaccurate and negative mark can affect you let’s say you have a late payment showing on your credit report. This late payment alone can bring your score down as much as 60 points. A drop as much as 60 points can have a massive affect on your ability to get a home.
Lets say your credit score was an average 620 and because of an inaccurate late payment you score has now dropped 60 points. This means your score is at 560 which is below the credit score limit for most lenders. If you were trying to get an FHA loan you still might qualify but your down payment just went from 3.5% to 20%. If you were planning on purchasing a $200,000 home that means your down payment just went from $7,000 to $20,000. $13,000 out of pocket that one ding just cost you and this doesn’t even cover how much extra interest you will be paying because of your score.
If you have been denied for a loan already or just know that you have poor credit don’t worry. We have partnered with the top credit repair company in the country that has an amazing track record of getting people mortgage ready. They can work to remove all the inaccurate and negative marks such as: late pays, repossessions, foreclosures, liens, and bankruptcies. By the end of the program you will be ready to get a home a great rate. To see about our credit repair just fill out the form on the home page.