Obtaining a negative credit mortgage is easier than you may believe. Even if your credit score is as low as 600, you may be eligible. You will still pay a higher interest rate than if you had excellent credit, but with current interest rates so low, you will still be getting a good deal.

If you’ve known you want to buy a property for a while, planned ahead of time, and now have a down payment, you’ll have an easier job convincing the bank that you’re not as risky as they assumed.

Having a down payment of up to 20% of the home’s list price can increase your chances of getting accepted for that bad credit mortgage and may even save you a few points on the interest rate the bank was planning to charge you.

If the bank does not have to lend 100% of the house’s list price, they will almost accept you without blinking. If they have to loan out 80 percent of the house’s value, they’ll have a greater chance of recovering some, if not all, of their money if you default.

In contrast, if they loan you 100% of the house’s list price, they run the danger of losing it all if they have to foreclose. So, if you can come up with up to 20%, the bank will love you for a long time.

Informing the bank employees that you are a responsible person will not be enough. You’ll have to back it up. How? So, how long have you been in your current job? Have you had a long-standing relationship with your current bank, and they can see from your records that you’ve been good with your money and haven’t racked up a lot of overdraft fees and the like? Have you spent a lot of time in the area? All these factors can assist you in obtaining a loan.

If the bank notices that you’ve been in the same job for a long time and haven’t changed jobs every year or so, they’ll be more confident that you’re “a solid risk.”

Also, if you had a brief period when things were difficult and your credit score dropped, and you can provide a fair explanation to the bank about what happened, the bank may be more willing to accept your lower score and give you a good interest rate.

Remember that you can buy the house you desire and get a good deal on a bad credit mortgage from the bank despite having a low credit score.