It is commonly thought that applicants with low credit scores face an impossible task when looking to buy a new home. But this is not actually the truth of the situation, with the stigma of having a poor credit reputation no longer hanging over applicants. Getting approval on an application for a home loan with bad credit is very much possible.
Credit scores have only ever been used to indicate the risk element in any loan deal, with high scores suggesting the borrower is less likely to default than those with low scores. But the distinction is fudged by the effects of the economic collapse of four years ago, with many honest borrowers seeing their credit rating fall. This has made approval despite bad credit much more likely.
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