Can I get a mortgage with bad credit?

In Washington, it is possible to get a mortgage with bad credit, but it may be more difficult than if you had good credit. There are some lenders who specialize in "sub-prime" mortgages and may be more willing to approve borrowers with bad credit. However, it is important to note that sub-prime mortgages will typically have higher interest rates and fees than conventional mortgages. This is because the lender sees a higher risk in lending to someone with bad credit. As a result, the lender will often request a larger down payment, a higher interest rate, and/or charge higher closing costs. Additionally, Washington law also requires that borrowers receive loan counseling from an accredited agency before signing any mortgage documents. This counseling helps borrowers understand the terms and conditions of their mortgage, as well as other factors such as the effect of interest rate increases and the costs of homeownership. All in all, it is possible to get a mortgage with bad credit in Washington. However, it is important to be aware of the costs and risks associated with sub-prime mortgages before signing any loan documents. It is also important to receive loan counseling from an accredited agency to ensure that you understand the terms and conditions of your mortgage.

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Can I get a mortgage with bad credit?

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