Bad Credit Home Loans
Many consumers are afraid that due to their bad credit they won't be able to get or qualify for a home loan. Luckily for you there is no absolute answer to this question. Sometimes your situation might be bad enough that you can't get one but in almost every case you have a chance.
How can you get a loan if you have bad credit? You have a bunch of different ways to go about it but here are a few good steps.
To begin with you should go and get your credit history. If you are trying to use a mortgage broker then you can ask them for a credit history. Using a broker will save you money because you can get the report for free.
When you get your credit history go through it and make sure that it is accurate. It is not uncommon for there to be several different errors in a credit report. Luckily in order to fix them you just write the different credit bureaus and they will fix it. Sometimes it takes a month or two but they will get it fixed.
Now that you know what your credit situation is you can go about applying for different types of loans. If you are new to home buying you will want to try out the FHA program first.
FHA loans are subsidized by the government for first time home buyers. The great advantage to a FHA loan is that your rate is cheap and your down payment is low.
When you get denied for a FHA loan you then have to apply for other loans. Call your bank and ask if they offer high interest home loans. If conditions are right they may be more then happy or not happy at all. But you have that option. If they cant help you then talk to your mortgage broker who would qualify you.
The safest option but also the hardest is to just save up and put a lot of money down on the house. If you put 20% or more down on your house you will save a lot and it will be easy to get approved.
How can you get a loan if you have bad credit? You have a bunch of different ways to go about it but here are a few good steps.
To begin with you should go and get your credit history. If you are trying to use a mortgage broker then you can ask them for a credit history. Using a broker will save you money because you can get the report for free.
When you get your credit history go through it and make sure that it is accurate. It is not uncommon for there to be several different errors in a credit report. Luckily in order to fix them you just write the different credit bureaus and they will fix it. Sometimes it takes a month or two but they will get it fixed.
Now that you know what your credit situation is you can go about applying for different types of loans. If you are new to home buying you will want to try out the FHA program first.
FHA loans are subsidized by the government for first time home buyers. The great advantage to a FHA loan is that your rate is cheap and your down payment is low.
When you get denied for a FHA loan you then have to apply for other loans. Call your bank and ask if they offer high interest home loans. If conditions are right they may be more then happy or not happy at all. But you have that option. If they cant help you then talk to your mortgage broker who would qualify you.
The safest option but also the hardest is to just save up and put a lot of money down on the house. If you put 20% or more down on your house you will save a lot and it will be easy to get approved.
About the Author:
Gordon creates lessons on mortgage loans with bad credit and otherhome loans bad credit.
posted by Debt Consolidation Loan at
12:14 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home