Credit Scores & Credit Challenges

There is no single score that guarantees approval. Different lenders and mortgage-insurance programs have their own credit standards, and the full history, utilization, payment record, debts and down payment matter in addition to the score.

Possibly. Depending on the severity and recency of the credit issues, options may include an alternative lender or private lender while you rebuild credit. Rates, fees and down-payment requirements can be higher.

Pay all accounts on time, reduce revolving balances, avoid unnecessary new credit applications, correct genuine reporting errors and keep established accounts in good standing. Do not close or restructure accounts solely for a mortgage without first checking the possible impact.

A mortgage application generally involves a hard credit inquiry. One inquiry normally has a limited effect, and credit bureaus may treat multiple mortgage-shopping inquiries within a defined period differently from unrelated credit applications.

It may be possible, but lender options depend on whether the proposal has been completed, how credit has been re-established, the down payment and the time since completion. Alternative lending may be used when prime criteria are not yet met.

Possibly. The available options depend on discharge status, re-established credit, cause of the bankruptcy, down payment and lender guidelines. I review the timeline and documents before recommending a financing path.