A bad credit mortgage loan is designed for individuals who have a low credit score or poor credit history.
It can be more difficult for those with bad credit to obtain a mortgage, as lenders may see them as high-risk borrowers. However, Mortgage-World.com helps those with poor credit scores buy a home!
How to Buy a House with Bad Credit New Jersey?
A minimum credit score of 500 is required. 500-579 credit scores require 10% down payment. 580 credit scores or higher require the minimum down payment of 3.5%.
FHA loans require a minimum credit score of 500. Conventonal loans require a minimum credit score of 620. VA loans require a minimum credit score of 500. USDA loans require a minimum credit score of 550.
How to Qualify for a Bad Credit Mortgage?
The first step is to speak with one of our experienced loan officers. We’ll determine how much you can qualify for and if you meet all the requirements to buy a home.
Employment and income will need to be verified with documents such as 30 days paystubs, last 2 years W2s and/or last 2 years tax returns if self-employed.
Once qualified, we will send you a pre-approval letter so you can make an offer on a home you like.
Eligible Properties:
- 1-4 Units
- Condos
- PUDs
- Manufactured Homes
- Mobile Homes
