Posted on: 07th Jan, 2010 01:26 am
I got divorced 2 yrs. ago and my credit score and history have suffered badly. Will this weigh heavily against me when trying to obtain a mortgage for a home.
Bad credit score and payment history will definitely go against you when you apply for a mortgage. You should have a minimum credit score of 620 to receive a FHA loan whereas you should have a credit score of 700-720 to get a conventional loan. If you do not have the required credit score, then you should first try and improve it and then lookout for a mortgage. Check out the given page in order to know some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
http://www.mortgagefit.com/credit-rating/credit-repair.html
Yes, I'm sorry to say. Some lenders take divorce into account and will be sympathetic but, if your scores are too low there won't be much you can do. We all have guidelines that we have to follow. Depending on your scenario, there might be hope but, definitely do your research.