Bad Credit Mortgage Loans Online - How Your FICO Credit Score Can Affect Your Loan Approval

When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.

With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.

If you have a credit score of between 585-599, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.

If you have a credit score of 600 - 620, , you will probably be able to get an approval for 100% financing. You will also, in this situation, still need to use a subprime lender.

With a credit score of 620 or higher, , you may be able to not only qualify for 100% financing, but be able to get a lower rate of only 1 - 2 percentage points above the prime rate.

If you have a recent bankruptcy or foreclosure, these estimates should still be accurate within 2 years after bankruptcy, repossession or foreclosure. After 2 years, it becomes easier to get approved for a mortgage loan, because more lenders will look at financing you after 2 years, whereas many lenders will not even consider your application until 2 years from the time of bankruptcy discharge or a foreclosure. After a 3 year mark from the time of bankruptcy or foreclosure, it becomes even easier to get an approval, in that many more lenders will consider your application after 3 years.

If you would like to see our list of recommended lenders for bad credit mortgage loans online, visit this page: Recommended Bad Credit Mortgage Lenders Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

Mortgage Clarksville - Find the Best Deal

Searching for a mortgage can sometimes be a hassle. Where to apply, who to apply... Read More

Securing a US Commercial Mortgage

What's the most efficient way to secure a US Commercial Mortgage? Work with a mortgage... Read More

Buying a House? How Much Home Can You Afford?

Maybe you've heard the expert advice that your debt to income ratio shouldn't be more... Read More

Seniors Can Use a Reverse Mortgage to Fund Annuities, Investments, and Insurance Policies

For many seniors in or entering retirement, the prospect of purchasing long-term care, investments or... Read More

Benefits of a Remortgage

There are many benefits in choosing a remortgage, some of which are listed below.A remortgage... Read More

Refinance After Bankruptcy

Refinancing your mortgage after bankruptcy is actually the same as replacing it with an entirely... Read More

Guide to Home Equity Loans

Here is a useful guide to home equity loans. A home equity loan is quite... Read More

How to Find the Lowest Rate Possible!

The quest is on! You're in the market for a new home loan, a refinance,... Read More

Interest-only Equity Loans Create Amazing Power and are Quite Easy to Get

The power of home equity and interest-only payments, provided from most home equity loans is... Read More

Be Prepared With Your Home Equity Loan Checklist

A home equity loan can be an excellent way to obtain money in order to... Read More

Home Equity Lines of Credit Vs. Other Conventional Loans

When it comes to getting money, you have two basic options. If you are a... Read More

Mortgages - Which Loan is Right For You

When buying a home, you need to take a home mortgage loan, either because as... Read More

Why Its Important to Get Pre-Approved

Having a pre-approved mortgage will give you the confidence of knowing exactly what you can... Read More

How to Compare Fixed Rate Mortgages and Adjustable Rate Mortgages

There are many types of mortgages, and the more you know about them before you... Read More

Refinancing After Bankruptcy

Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn't have... Read More

Home Loan Confusion Continues

Unfortunately, most Americans still do not understand how home loans work and how to take... Read More

Mortgage: Effective Household Investment for Financial Autonomy

If finances had a copyright, we would have bought it by now. But it is... Read More

Home Owner Loans Explained

How To Release Equity Locked Up In Your Home For Immediate Use.Free up the monetary... Read More

How Much Home Loan Can I Afford?

Have you ever asked yourself how much home loan can I afford? If you know... Read More

How To Save Thousands in Interest on Your Home Mortgage!

So you have a mortgage on your home or planning to get one? Here's something... Read More

Home Equity Line of Credit or Second Mortgage Loan Online - Things To Do With Your Homes Equity

If you are wanting to get a home equity loan, rates are still low enough... Read More

Life of an Escrow

Escrow is one of the last stages in the purchase or sale of a real... Read More

Guide to Flexible Mortgages

Outlined below is a useful guide to flexible mortgages. Flexible mortgages are also known as... Read More

Mortgage Advice To Make Mortgages A Really Smooth Ride

Mortgages are easy as long as you understand them well. But how many borrowers can... Read More

Refinance Your Home Mortgage Online

The largest financial obligation most people ever take on couldn't escape the reach of the... Read More

Mortgage Glossary of Terms

A brief list of some of the most common Mortgage terms.Adverse Credit The term used... Read More

PayDay Loan Online - Quick Cash Advance Loans Online Are Very Convenient

Getting a quick cash loan, cash advance or payday loan has never been easier than... Read More

Real Estate Lender - Get Approved For a Mortgage Loan Online

Real estate lenders now offer mortgage loan quotes and application online. You can be approved... Read More

What Is The Best Deal For A Mortgage?

Few of us invest the time and effort into researching and securing the best deal... Read More

Sound Financial Standing Entails Capital Raising Remortgage

Raising capital is integral for growth and expansion of an individual in more than one... Read More

How to Secure the Best Mortgage Deal and Save Yourself Thousands in Interest

When you consider that the average home owner will pay out far more in interest... Read More

Home Loans and Mortgages ? Beware of Deed Theft Scam

The average home in the United States has a value of $206,000, a record amount.... Read More

Mortgage and Credit Card Companies Under the Spotlight on Consumer Charging

For the first time since May 1996 reports have indicated that wage increases have risen... Read More

Home Equity Loans ? There?s Gold In That There House

To paraphrase an old familiar quote that goes "there's gold in them there hills, you... Read More

Renters Have Much to Gain by Pursuing Home Ownership

Buying a home vs. renting is a big decision that takes careful consideration, as most... Read More

Mortgage Info You Can Actually Understand!

This is a great time to Refinance Your Home or Buy a New Home --... Read More

Need a Mortgage, Refinance or Equity Loan? Learn What it Takes, Before Applying

Do you know what it takes to qualify for mortgage and refinance loans? There are... Read More

Bad Credit Home Loans

There was a time that seems like decades ago when people with less than pristine... Read More

Are You Ready for a 40-year Mortgage?

Real estate prices have been increasing steadily over the last five years, particularly on the... Read More

Housing Bill - Changes in the Right To Buy Scheme

Presently council tenants are able to purchase their rented property after 2 years of tenancy.... Read More

Home Mortgages: How About Those 1.75% Loans?

You've undoubtedly heard or seen ads for mortgages with very low interest rates such as... Read More

What Are Mortgage Brokers And Why To Use One

"Mortgage" is formed from two words: the French word "mort" meaning "dead" and the word... Read More

Types of Mortgages

Here is a useful guide to the different types of mortgages that are available.A mortgage... Read More

Home Equity Loan ? Good Choice for Luxury Purchases?

Home equity loans or lines of credit have increased dramatically in popularity in recent years.... Read More

Real Estate Finance Strategy that Few People Consider

If you are considering a new home loan anytime soon, and you do not want... Read More

Remortgage Serves To Rewind The Reimbursements Of Mortgage

It takes a mighty big effort to secure a home and even mightier to convert... Read More

Guide to Remortgages

Here is a useful guide to remortgages. What is a remortgage? A remortgage is when... Read More

Refinancing Your Home Mortgage Loan With Bad Credit

There are numerous reasons a person has bad credit. Late or partial payments, missing payments,... Read More

Guide to Interest Only Mortgages

Here is a useful guide to interest only mortgages. An interest only mortgage is one... Read More

Home Buying ? What Can You Afford?

Okay, you've decided to buy a home and are trying to figure out what you... Read More