30 May 2022
How Much Can I Borrow for a Mortgage?
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Did you know that lenders look at your credit history and score to determine your borrowing potential? If you have a good score, you are more likely to be approved for a home loan. If you have bad credit, your application may be denied. However, in some cases, it is possible to receive a mortgage if you have bad credit.
Applying for a home loan through a non-bank or specialist lender is your best shot at being approved. These non-conforming lenders assess each individual’s situation to understand how they developed lousy credit.Â
Generally, the following types of bad credit home loans are approved:
Your lender will assess your situation to help you choose which loan is right for you.
Each lender has its own standards for deciding how much you can borrow if you have bad credit. However, these are the general guidelines:
Securing a home loan if you have bad credit can be challenging, but it is not impossible. Mortgage House is a non-bank specialist lender whose team of brokers can find a loan that works for you. We work hard to understand your situation, helping you secure a loan even if you have poor credit. Visit our website or call us to find out more.