Even if you have bad credit, it’s still possible for you to buy a home. Stacy Crossingham joined me recently to explain how. 

Today I’m delighted to be joined by Stacy Crossingham of Finance of America to talk a little bit about alternative credit scores and how to qualify for a mortgage if your credit isn’t perfect.
 
A lot of people think that you need to have a perfect credit score to get a mortgage, but that’s not necessarily the case. Credit scores do play an important role in what your financing costs are, but you can get a mortgage with a FICO score as low as 500. There are plenty of alternative programs and alternative lenders out there to help buyers who find themselves in a bad credit situation. Even if your credit isn’t where it needs to be now, Stacy can show you how to get it to a point where you can qualify.
 
Low credit score loans will require higher payments and might require more money down, but it can be done.
 

"Improving your score isn’t as difficult as you might think.



Improving your credit score isn’t as difficult as you might think. The best way for you to take control of your credit is to take your report, find out what credit you have, and we can use alternative credit like some of your monthly bills to give you more lines of credit to help you qualify for a mortgage. Anything that’s a monthly payment can be utilized as an alternative credit source.
 
If you have negative credit, you’ll need to either negotiate that debt, pay it off, or make those payments more consistent. If you’re constantly reducing your debt without maximizing your line, your score will go up. 
 
Stay tuned for part two of my discussion with Stacy. If you have any questions in the meantime for Stacy, you can give her a call at (505) 577-4303. If you have any other questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.