Evictions–  Bad credit mortgage lenders will want to know why you were evicted? What isolated issue beyond your control caused the previous eviction on your credit? And why going forward how you will prevent a previous eviction in the future? The bad credit mortgage lender will want to know what happened and if it was related to your eviction payment history or some other issue. The mortgage lender will most likely want you to document why you had the eviction. If your eviction is within the past 12-24 months and there is not a good reason for the eviction, then the eviction will most likely be a deal breaker. Being evicted years ago might not be enough to keep you out of a mortgage, but if it was recent it probably will be.

Applying- Applying for a mortgage application with bad credit or a previous eviction on your credit can be a little intimidating. You really do not know what to expect and whether or not you will be approved. If you have been a renter for a long time and buying a home can be an exciting event. The mortgage approval process depends on a lot of variables in your past history. One of the biggest variables is your past rental history. Many people think that getting a mortgage loan approval is based solely on your credit score and your income, but more and more lenders are looking at a borrower rental history for mortgage approval. If the lender can prove your ability and wiliness to pay the rent on time, there is a good chance you can pay a mortgage on time.

Consistent Payments– One thing that a Florida mortgage lender is looking for when they review your history is consistency. They want to see that you have been a consistently reliable renter throughout. Florida mortgage lender wants to see that you have made your payments on time every month for however many years you have been renting. While one or two late payments might not be a deal breaker, if you cannot make your rent payments or you have an eviction on your credit, then you could be in trouble. You need to prove stable predicable income and timely rental history. If you have been responsible in the past, they will feel better about giving you thousands of dollars for a mortgage.

Credit Payment History– In order to get this information, Florida mortgage lender will examine your credit report. Looking at your credit score helps to paint a picture of what type of a borrower you are. A big part of the credit score is made up of your payment history. If you have always made your payment on time, your score will most likely be good. If you make a habit of missing payments or making late payments, it can cause a bad credit score. One of the biggest factors a Florida mortgage lender will decide is whether or not you have a good credit score. Therefore, you need to do everything that you can in order to maintain that score throughout your borrowing history. A strong rental history can go a long way toward this and helping you get a Florida mortgage.

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