Jill Burgess, NMLS #100425 · Ameris Bank
How to Get a Mortgage with a Lower Credit Score
How to get mortgages for people with bad credit
omebuyers with credit challenges may have options, but requirements, pricing, and eligibility vary by loan program, lender overlay, property, income, and file. Avoid relying on stale score thresholds or rate claims; confirm current figures and documentation requirements with program administration and Jill Burgess, an Ameris Bank loan officer. Educational information only—not a commitment to lend.
How low is bad credit?
Credit requirements and underwriting criteria vary by loan program, lender overlay, property, income, and file. Rather than rely on hard score thresholds, ask Jill Burgess, an Ameris Bank loan officer, or the applicable program administrator to confirm current eligibility and documentation requirements. Educational information only—not a commitment to lend.
Know your options
Research available programs and discuss your goals with a lender or loan officer. Credit history, pricing, fees, documentation, and eligibility vary by borrower and program; do not rely on promises of a lowest or guaranteed rate. Confirm current requirements with program administration and Jill Burgess, an Ameris Bank loan officer. Educational information only—not a commitment to lend.
Save for a large down payment
A down payment is one factor in a home purchase, but the amount and source of funds depend on the loan program, property, borrower, and current guidelines. Assistance and reserve requirements can change. Confirm current figures and eligibility with the program administrator and Jill Burgess, an Ameris Bank loan officer. Educational information only—not a commitment to lend.
Pay down debt
The best way to get a home loan with bad credit is to improve your credit. You can do this by making a concerted effort to pay down your debts. Something that lenders consider when approving or denying mortgages is your debt-to-income ratio. By paying down your debts and improving your ratio, you’ll be much more likely to get approved for the loan for which you’re applying.
Get a cosigner
There are times when you simply haven’t had a chance to improve your credit. Maybe you’re young and have not had any debt yet, but you are in a place financially where you can afford to buy a home. Get a cosigner to help. A cosigner gives a lender peace of mind that there’s a lower risk of defaulting on your loan.
Contact Mortgages By Jill
Jill Burgess of Mortgages By Jill has originated over $1 billion in mortgage loans over her 30+ year career. You can be confident that Jill knows the necessary steps that need to be taken to ensure that you get a home loan. She is familiar with lenders in the Greensboro, NC area who will fund mortgages for bad credit. Call Mortgages By Jill at 336-740-9068 today or fill out our online contact form to schedule an appointment.
Written by Jill Burgess, NMLS #100425, VP, NC Mortgage Production Manager at Ameris Bank.
