You dont have to have perfect credit to get a mortgage nowadays. In fact, it is estimated that seventy percent of all people who apply for mortgages have credit problems of some sort.
Although lenders are more understanding about credit problems than they used to be, your creditworthiness is still critical in determining the terms and interest rate you will pay on your loan.
You should disclose the following potential credit problems to your mortgage professional before you receive a mortgage quote:
Co-endorser on a note Defaulting on Student Loan
Judgments & liens
Party to a lawsuit