Poor credit can affect your ability to obtain a home loan preapproval quickly, if at all.
Because of the variety of loan products, lenders can follow a number of different lending guidelines. Some are put out by government agencies such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Others come from government-sponsored enterprises such as Fannie Mae or Freddie Mac. Lenders also have their own standards. Obtaining a preapproval, then, can mean having to navigate through a number of different guidelines.
Effects of Poor Credit
Poor credit can make getting a home loan at a reasonable interest rate harder for a prospective home buyer. Below a certain level, poor credit can prevent a hopeful borrower from getting a loan at all. Preapproval can be a long
and complicated process because borrowers with poor credit pose more of a risk for any lender. Accordingly, most go over applications backed by poor credit very carefully.
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