Having a good income can certainly help in getting a mortgage with bad credit. Here are some steps you can take to increase your chances of getting approved:
Check your credit report:
Start by checking your credit report and making sure that all the information is accurate. If you notice any errors, dispute them with the credit bureaus.
Work on improving your credit score:
Even if you have bad credit, taking steps to improve your credit score can help. This could include paying off outstanding debts, making all your payments on time, and reducing your credit utilization.
Don’t just apply to one lender. Shop around and get quotes from multiple lenders to see who will offer you the best terms.
Consider a co-signer:
If you have a family member or friend with good credit, they may be willing to co-sign on the loan with you. This could help you qualify for a loan with better terms.
Offer a larger down payment:
If you’re able to put down a larger down payment, this could help you qualify for a loan with better terms, even if you have bad credit.
Explain your situation:
If you have a good income but bad credit, it may be worth explaining your situation to the lender. This could include providing evidence of your income and explaining any extenuating circumstances that led to your bad credit.
Ultimately, getting a mortgage with bad credit and good income will require you to do some extra legwork to find a lender that is willing to work with you. However, by taking these steps, you can increase your chances of getting approved for a mortgage loan.