Get A Home Mortgage In Jacksonville Even With Bad Credit

Even if you have a bad credit score, it is still possible for you to get a mortgage in Jacksonville. In fact, many experts say it has never been easier to get mortgage loans in Jacksonville although you may have to accept higher interest rates. But there are still ways you can lower your rates even with lousy credit. One way is to put down a down payment on the property of at least 3% to 5% of the price which could convince the lender to offer you a lower rate. Alternatively, you can try to find a house that already has some equity in it, which could be almost as good as a down payment when it comes to getting financing.

You can also talk to a mortgage broker to see if he can help you get mortgage loans in Jacksonville. There are many brokers who have relationships with flexible lenders and specialize in bad credit home loans. If you work with a broker, make sure that he submits your loan application to multiple lenders to ensure that your credit report is only pulled once, and you can study the various offers available to you.

Even if you succeed in getting a loan, however, you still have to work at raising your credit score. A better credit report will help you get lower rates when it comes time to refinance your home loan. There are many ways you can do so, including paying your bills on time and not making too many credit inquiries.