Definition: Mortgage With Bad Credit (Credit Score 350-489) refers to a borrower who has a credit score lower than 500, but still meets most criteria for securing an affordable mortgage. This means that the borrower's credit history is not as strong as other borrowers with good credit scores. These borrowers often have low or no credit scores and may be unable to secure traditional home loans due to their poor credit rating. Definition: A mortgage with bad credit refers to a borrower who has a credit score lower than 500, but still meets most criteria for securing an affordable mortgage. This means that the borrower's credit history is not as strong as other borrowers with good credit scores. These borrowers often have low or no credit scores and may be unable to secure traditional home loans due to their poor credit rating. Example: - A borrower who has a credit score of 500-600 would qualify for a mortgage with bad credit, but still meets most criteria for securing an affordable mortgage. - However, if the borrower's credit history is poor and they have no other sources of income, such as temporary work or unemployment benefits, the lender may not be willing to finance their loan. They may need to come up with additional financial resources or seek a lower interest rate on the loan.
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