Lenders Must Consider All Of Your Sources of Income
If you are buying a house with bad credit, good credit or excellent credit, lenders are not allowed to discriminate against you. They must consider all sources of reliable income, whether from employment, public assistance, child support or any reliable source. If a lender denies your application for a mortgage (including mortgages for people with bad credit) they must explain the reason for the denial. They must be specific. Statements about their minimum requirements are not specific enough. If you were denied because of a lack of verifiable income, consider a co-signer. A lender cannot refuse to accept a co-signer who is not your spouse. All of this applies to mortgages for people with bad credit as well as those with good credit.
