Home Purchase

Refinance - Debt Consolidation - Home Equity

I've had credit problems in the past. Does this impact my chances of getting a home loan?

Obtaining a home loan is possible even with extremely poor credit. If you have had credit problems in the past, a lender will consider you to be a risky borrower to lend to. To compensate for this added risk, the lender will charge you a higher interest rate and usually expect you to pay a higher down payment on your home purchase (typically 20-50% down). The worse your credit is, the more you can expect to pay for an interest rate and a down payment. Not all lenders choose to lend to risky borrowers, so you may have to contact several before finding one that will.

Licensed by the PA Dept of Banking, NMLS# 109471

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