Getting a Mortgage with a Low Credit Score: Tips and Options
Getting a Mortgage with a Low Credit Score: Tips and Options Getting a mortgage with a low credit score can be challenging, but it's not impossible. While having a good credit score is important when it comes to qualifying for a mortgage, it's not the only factor that lenders consider. In this article, we'll discuss what a low credit score is, how it can affect your ability to get a mortgage, and what you can do to increase your chances of approval. What is a low credit score? Your credit score is a three-digit number that ranges from 300 to 850. It's a numerical representation of your creditworthiness and is based on your credit history. The higher your credit score, the better your creditworthiness is considered to be. A low credit score is generally considered to be anything below 620. According to Experian, one of the three major credit reporting agencies, a score between 580 and 669 is considered fair, while a score below 580 is considered poor. How does a lo