Bad Credit Home Loans
If you have bad credit and want a home loan then don't worry. You have options regardless of your credit history. There will of course be a few catches but there is hope.
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.
One of the first things that you must do is find out what your credit score is. If you go to a mortgage broker they can pull this report up for you and print it out.
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.
Once you have your score figured out you can start applying for different types of loans. If you have never bought a new home before you should first apply for a FHA loan. If you can get approved for an FHA you are in luck. You save money on the down payment and on the interest rate.
Why is this? It is because FHA loans are subsidized by the government. They make it easy for first time buyers to get into a new home.
But do not despair if you don't qualify for a FHA loan. You can still apply to other programs that will help you get into a house. Obviously the worse your credit is the more that you will pay out in fees but you can still get a house.
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.
One of the first things that you must do is find out what your credit score is. If you go to a mortgage broker they can pull this report up for you and print it out.
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.
Once you have your score figured out you can start applying for different types of loans. If you have never bought a new home before you should first apply for a FHA loan. If you can get approved for an FHA you are in luck. You save money on the down payment and on the interest rate.
Why is this? It is because FHA loans are subsidized by the government. They make it easy for first time buyers to get into a new home.
But do not despair if you don't qualify for a FHA loan. You can still apply to other programs that will help you get into a house. Obviously the worse your credit is the more that you will pay out in fees but you can still get a house.
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 can help you to find bad credit home mortgages or other types of home loans for bad credit.
posted by Debt Consolidation Loan at
9:46 AM
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