Tips to Buy a House with Bad Credit in New Jersey:

• Save for a down payment
• Explore alternative loan options
• Consult with one of our experienced loan officers to help find the best loan option for you

Minimum credit score to buy a house in New Jersey:

• Conventional: 620+ FICO
• FHA: 500+ FICO
• VA: 500+ FICO
• USDA: 550+ FICO

How to buy a house with bad credit in New Jersey?

Mortgage-World.com requires a minimum credit score of 500 on FHA and VA loans. Unlike other lenders, we accept a lower credit score, which gives borrowers more opportunities to purchase a home or refinance.

How do I know what my credit score is?

There are a few different ways you can look at your credit score before getting a mortgage. You can request a free copy of your credit reports once a year from AnnualCreditReport.com. Also, you can review your credit reports and look for any late payments, defaults, or negative marks impacting your credit score. If you find that there are any problems or inaccuracies in your credit report, file a dispute with the credit bureaus (Equifax, TransUnion, & Experian).

How do I get pre-approved to buy a house with bad credit in New Jersey? 

A pre-approval shows sellers that you are a serious buyer and won’t waste their time. A pre-approval will let you know how much house you can afford. The fastest and easiest way to get pre-approved is to fill out an online application with Mortgage-World.com and speak with one of our loan officers. When you speak directly with a loan officer, we are able to understand your situation so that you are met with the best loan product for your financial needs.

Can a co-signer help improve my chances of getting a mortgage?

Yes, having a co-signer with good credit can help strengthen your loan application and increase chances of approval.

Written by: Julia Luis, Loan Officer with Mortgage-World.com, LLC

Julia Luis covers mortgages and the housing market. Before joining Mortgage-World.com, she was a student at the University of Miami.