Many consumers with low credit scores fear being denied a loan so they simply not bother applying for a mortgage. But, while you’ll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from some lenders.
Yes, your credit score is a part of the qualification process, but it’s not the whole piece of the pie.
At LifeTree we work with over 20 lenders. Some have programs that will qualify borrowers without stellar credit scores. The best thing to do is try. If the loan is not approved right away, typically your loan officer can guide you on the steps to take to get approved sooner rather than later. Debt can be stressful, but it typically does not go away without an action plan.[sgmb id=1]