Mortgages for Those with Damaged Credit

In most instances, mortgages are the largest debts that you ever take on. Consequently, the lenders that write mortgages are exposed to a higher degree of risk than lenders that only write other types of small-dollar loans. If you have damaged credit, you may find it difficult to obtain a mortgage because lenders view people with poor credit as high-risk borrowers.

Credit bureaus regularly review reports from your lenders that include details of your loan balances, payment history and credit utilization. This information and other factors, such as bankruptcies, foreclosures and repossessions, has an impact on your credit score. Equifax, Experian and TransUnion, the three national credit bureaus, all assign consumer scores that range from 300 to 850. Most people have credit scores of 620 or higher and such people are known as "prime" borrowers. If you have a credit score of below 620, you are known as a "subprime" borrower and you may have a difficult time obtaining a loan.

The Federal Housing Administration, provides lending opportunities for people with subprime scores although the FHA does require borrowers to have a score of 500 or better. However, the FHA does not actually issue mortgages. Instead the FHA insures mortgages, which means that the FHA covers some of your lender's losses if you default on your loan. Each lender has the right to set its own underwriting standards, so although the FHA insures loans for people with subprime credit, many lenders refuse to write FHA-backed loans for people with scores below 620.

While many lenders view subprime borrowers as too risky to lend to, other lenders view subprime borrowers as high-risk but high-reward investments. Some lenders, willingly accept the risks associated with subprime loans by offsetting that risk with high interest rates. Subprime lenders often charge significant upfront fees and include hefty prepayment penalties in mortgage contracts. The high interest rates and fees mean that subprime borrowers who actually repay their debts, are highly profitable customers of the lenders. However, since the housing market crash that began in 2007, many lenders have curtailed subprime lending because the risks outweighed the potential profits.

If you cannot obtain an FHA loan or even a subprime loan, you may qualify for a standard mortgage product, but only if you can find someone to co-sign on your loan. When you apply for a joint mortgage, the lender looks at both your credit score and the credit score of the co-signer. The co-signer assumes the same responsibility to repay the loan as you do, but if you make your payments on time then you may improve your score over time, at which point you could refinance the loan into your name alone. However, make sure your co-signer understands the risks and responsibilities involved before co-signing on your loan.

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