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.
Once you have your report in hand you should go through it and make sure that it is accurate. If you have been bad at paying bills then your report will stink. But if you are lucky you will have a few things that are wrong. A quick letter to the service bureaus will fix it.
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.
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.
Of course the last option is also the best one. Just go save a lot of money and put 20% down. If you do this you will not only qualify but save thousands of dollars in interest charges.
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.
Once you have your report in hand you should go through it and make sure that it is accurate. If you have been bad at paying bills then your report will stink. But if you are lucky you will have a few things that are wrong. A quick letter to the service bureaus will fix it.
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.
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.
Of course the last option is also the best one. Just go save a lot of money and put 20% down. If you do this you will not only qualify but save thousands of dollars in interest charges.
About the Author:
Gordon creates lessons on mortgage loans with bad credit and otherhome loans bad credit.
posted by Debt Consolidation Loan at
3:08 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home