Bad Credit And Employment Mortgage Lending Guidelines | 2019

Bad Credit And Employment Mortgage Lending Guidelines

Credit and Employment are the two most important factors when qualifying for a mortgage.

- Credit is important because it shows a person’s payment pattern history. Lenders cannot predict the future of a borrower
- However, a consumer’s past history in paying their bills is a good predictor on how borrowers will pay their future mortgage payments
- Solid employment shows income stability
- No matter how strong a person’s credit is, if they have no incoming stable income, they will have a hard time paying their bills
- This holds especially true with paying mortgage payments
- Many employers often do a financial background check when hiring new employees
- Credit checks are often conducted when an employee is considered for a job promotion
- The reason many employers run credit checks is that they feel that candidates with good credit and higher credit scores are financially responsible
- Many lenders will view bad credit employees as financially irresponsible


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