Home Loans for Credit Challenged BorrowersJust because you have negative items on your credit report doesn't mean you can't obtain a home mortgage loan. There are options for you. Bad credit is not the end of the world. It's true that getting a bad credit mortgage loan is not always the easiest or fastest mortgage loan out there, but you can still buy your own home even with bad credit. Bad credit shouldn't stop you from getting a home loan. There are credit repair options. Most mortgage brokers will do everything they can to get your credit in good shape for your home loan. They work with you on finding the mortgage loan option that's right for you. You can get a home loan, even if you've had a bankruptcy or a foreclosure. There are several bad credit mortgage loan options available for the credit challenged and even people with no credit at all, such as: ? Sub-Prime Mortgage Home Loans ? Stated Income Mortgages ? No Money Down Home Loans ? Jumbo Loans ? Adjustable Rate Mortgages Step One: Know Your True Credit Score Perhaps you've already been turned down for a mortgage because of a negative credit report or having no credit at all. Perhaps you've filed for bankruptcy. Whatever the case may be-You know your credit is bad. But do you know how bad? Are you sure your credit report is accurate? Eighty percent of credit reports have mistakes. At Mortgage-Loan-Advantage.com we help you find out if your credit is really as bad as you think it is. Here's what we can help you do: ? Get a copy of your credit report. ? Verify the items listed on your credit report. ? Take steps to repair any errors on your credit report. ? Take steps to remove errors on your credit report. ? Monitor your credit regularly. Step Two: Consider Your Options You really have two options, once you know what your credit score is. You can contact a bad credit mortgage lender and accept that for a while you must pay a higher interest rate than you would if your credit was perfect. Or you can wait and try to fix your credit and bring up your credit score before you buy a home. If your credit history is not that bad, you might want to take some time to bring up your score. To improve your credit score: ? Pay off as much debt as you can. ? Pay your bills regularly and on time. ? Don't apply for too much credit. If you absolutely must get into a home now, or it looks like it would take too long to bring up your credit score significantly, contact a bad credit mortgage lender. Be prepared to pay a higher interest rate and more "points"-which are a percentage of the loan. Step Three: Prepare Yourself with the Facts Before you approach a bad credit mortgage lender, prepare. Assess your financial situation. Do you have the income to add a mortgage to your debt load? Have you made as many lifestyle changes as possible to reduce your debt? Have you done all you can to bring up your credit score? If the adverse credit items on your credit report occurred because of some reasons beyond your control, for instance, illness, job layoff, marital problems or other temporary setbacks, you must provide a written explanation of your circumstances to the bad mortgage loan officer. This can be provided with the loan application or at some other point in the loan process. If you have had sufficient time to regain financial stability since the problems occurred and to demonstrate prompt payment, the lender may offer some consideration on the rates. Horace Hawkins is the President of Mortgage-Loan-Advantage.com and HoraceHawkins.com. As a mortgage loan broker, Horace serves the Dallas Fort Worth Metroplex with superior home mortgage loan services.
MORE RESOURCES updated Fri. March / 29 / 2024 Mortgage Refinancing: How Does It Work? Entrepreneur Refinancing - Learning Center Zing! Blog by Quicken Loans Types of Mortgage Refinance Options Bankrate.com How to Refinance Your Mortgage NerdWallet Discover Home Loans Review 2024 - Mortgages Business Insider Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Underwater Mortgage: What To Do Bankrate.com Mortgage Refinance Rates: Compare Current Rates Business Insider Mortgage Interest Rates Today, March 28, 2024 | Rates Are Down This Week. Will They Stay That Way? Business Insider When to Consider Refinancing Your Mortgage Business Insider Mortgage Interest Rates Today, March 27, 2024 | Rates Down Slightly as Homebuying Season Ramps Up Business Insider 30-year refinance rates: What to know CNN Underscored The best mortgage lenders for refinancing in March 2024 CNN Underscored 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Current mortgage refinance rates CNN Underscored Mortgage Relief and Mortgage Assistance Programs [2024 ] The Mortgage Reports Mortgage demand falls again HousingWire Should You Refinance Your Mortgage In 2024? Bankrate.com Best Mortgage Refinance Lenders In 2024 Bankrate.com Current mortgage interest rates: Mortgage rates today CNN Underscored VA Refinance Rates - Current VA Loan Refinance Rates Today Business Insider Mastering Rate-and-Term Refinance: a Complete Explainer Business Insider Current FHA Refinance Rates Today - Mortgages Business Insider MBA: Mortgage Applications Decreased in Weekly Survey Calculated Risk Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports How To Refinance An Underwater Mortgage Bankrate.com How Soon Can You Refinance a Mortgage? NerdWallet Current 15-year refinance rates — and lenders that offer them CNN Underscored Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports Can You Refinance With No Income Verification in 2024? The Mortgage Reports Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool What Credit Score Do I Need To Refinance? Bankrate.com Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor Save up to $1,500 on a Mortgage Refinance With the New FHFA Program Business Insider Should You Refinance Halfway Through Your Mortgage? Bankrate.com
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