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.
When you have finished fixing your credit history you will likely have a better chance at getting a home loan even with your bad credit. The first option you will want to apply for is a FHA loan.
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.
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.
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.
When you have finished fixing your credit history you will likely have a better chance at getting a home loan even with your bad credit. The first option you will want to apply for is a FHA loan.
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.
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.
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 helps people to understand mortgage loans, mortgage loans for people with bad credit, and other types and styles of bad credit home loans.
posted by Debt Consolidation Loan at
9:21 AM
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