Low Credit Score Mortgage Texas

Most people realize that the better their credit score, the better the interest rate on their mortgage is likely to be. Interestingly, the way a credit score is computed remains somewhat mysterious. This is further complicated by the fact that more than one company provides such scores, and the companies' scoring systems and rankings aren't all the same.

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Regardless of the lack of specificity, an individual's credit score is generally based on factors that include her debt-to-income ratio, her revolving credit, payment history and whether or not she has any delinquencies. Using a proprietary equation, credit rating companies determine a score from which lenders can determine potential interest rates and loans an individual may qualify for.

Qualify for a Low Credit Score Mortgage in Texas

Although you may not qualify for all types of Texas loans, having a low credit score doesn't mean that you can't purchase a home. On the contrary, there are numerous Texas mortgage options available to individuals with low credit scores. Interest rates tend to be a little higher, but with the right mortgage, a borrower may be able to improve his credit score over time and eventually even refinance for better terms.

At Southern Lending Corporation, we believe in giving all of our customers the opportunity to purchase a Texas home. We pride ourselves on being able to offer some of the lowest rates, even on our low credit score mortgages. Call us at 1-866-614-2700 ext 100 or email us for more information.