Buying a Home With Bad Credit - Why a Recent Bankruptcy Will
Not Stop You From Getting Approved
Buying a home with bad credit is possible with the help of a
subprime lender even if you have a recent bankruptcy or
foreclosure. These mortgage lenders specialize in financing home
loans for people with poor credit.
Effect Of Bankeruptcies And Foreclosures On Credit
A bankruptcy or foreclosure is not the death of your credit.
Yes, your credit score will be hurt and you won't be able to
borrow from a traditional mortgage lender right away, but you
still have options.
A bankruptcy or foreclosure signals a crisis in finances.
Lenders understand this, and if there are mitigating
circumstances, such as a healthcare emergency or loss of a job,
they will make exceptions.
Minimize Your Bankruptcy Or Foreclosure
To minimize the effect of your bankruptcy or foreclosure,
include a one-page letter in your credit report stating the
reasons for the financial crisis. Lenders want to know that this
was a one-time event, not a sign of financial
While including the letter in your credit report, review all
your accounts and be sure they are accurate. After a bankruptcy,
creditors may leave open accounts, even when they should be
closed. These open accounts can have a negative impact on your
Appeal To Mortgage Lenders
To appeal to mortgage lenders with a bad credit history,
increase your down payment and cash reserves. A large down
payment ensures that the mortgage company will receive at least a
partial return on their investment if they have to foreclose. A
FICO score of 580 will require at least a 5% down payment, and
lower scores will require a larger down payment.
Cash reserves ensure that the borrower has enough resources to
weather a temporary financial emergency. Mortgage lenders like to
see at least two months worth of payments in a savings account,
but a higher amount will only help your application.
Online Mortgage Brokers
Online mortgage brokers also make it easier to find financing
for people with adverse credit. Through their websites, you can
compare multiple finance offers from different lenders, ensuring
you get the best rates and terms to buy a home.
To view our list of recommended bad credit home loan companies
online, visit this page: Recommended
Bad Credit Mortgage Loan Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
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Selecting the Right
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Taking the Time to Find
the Best Home Improvement Loans
The best home improvement loans usually aren't going to be
the first loans that you encounter, but if you're in the
market for a loan to pay for repairs, expansions, or
improvements to your home or other real estate then it
might be worth your time to shop around before you decide
on one loan or another.Shopping around for the best home
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Finding the Best Home
Improvement Loan Rate
If you're looking for a good home improvement loan rate,
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Refinance Home Loan and
Refinance Home Loans
Refinance home loan lenders are eager to lend money to any
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is in a condition that can be resold. Refinance home loans
are different than a second mortgage or line of credit in
that the proceeds from the loan disbursement first pay off
the original mortgage loan.
Refinancing Your Home
Mortgage Loan With Bad Credit
There are numerous reasons a person has bad credit. Late or
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with a poor credit rating.
Home Equity Loan
In other words, the benefit of the loan must outlast the
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Your Home Equity
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home, which becomes an asset that is not burdened by debt.
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