New Mortgage Hope For Low Credit Scores
By Bonnie Vaughan, CNE SFR - Buyers/Sellers - Lackawanna & Surroundin
Many people are struggling to raise their FICO score to meet mortgage qualifications. A forgotten payment, high balances, a prior foreclosure, short sale or bankruptcy can wreck havoc with your score. Banks have been unforgiving about past transgressions. Qualifying for a mortgage has been pretty tough the last couple of years. FHA allows borrowers to have a credit score of 580 or above. The banks are the ones who have been more stringent and unyielding. Most banks have not considered folks for a mortgage if their score is less than 620. It's a struggle to repair credit and get scores moving upward. It seems no matter how hard you try to pay down debt that pesky score just does not move. The FiCO score can prevent you from attaining the dream of home ownership. To make matters mo...