Maybe you've had a few bumps in your financial life causing your FICO credit score to drop - does that mean you can't get a mortgage loan?
Not at all.
If this sounds like you, don't expect to qualify for the best interest rate but realize that there are many loan programs available that target bad credit borrowers, so pursuing a mortgage is definitely worth your time. Here are 3 tips that will help you get the best deal.
Shop at Least 3 Lenders
If you're looking for a bad credit mortgage online it pays to shop multiple lenders, at least 3. Most bad credit borrowers are led to believe that interest rates for sub-prime borrowers are not negotiable. This is false. Natural competition is the best equalizer when it comes to giving the consumer a good deal.