If my credit is not very good can I still qualify for a mortgage?

Q: If my credit is not very good can I still qualify for a mortgage?

A: Yes, a mortgage can be obtained by people with all kinds of credit (Excellent, Great, Average, Below Average, and Poor Credit). Obviously, the rates will increase slightly as credit score get a little lower but a mortgage can still be obtained. Also, with a lower credit score you may be limited to a few less mortgage loan programs than you would with excellent credit. Sometimes compensating factors such as a lot of money put away in checking or savings accounts, 401ks, investments, etc..., good job time, low LTV (loan to value), low DTIs (debt to income ratios), and lower terms (15 year instead of a 30 year) may help to compensate somewhat for a lower credit score and qualify you for a little better rate.