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Bad Credit Home Purchase Loans - 3 Things You Should Know
Bad credit doesnt have to dampen your dreams of purchasing a home. With a little bit of investigative work on your part, you can find relatively low rates. You can also improve your home loan application with a few tricks. Dont forget that you can improve your credit rating in as little as two years and qualify for a low rate refinance package. These three things will ensure that you get your home at a reasonable price.
1. You Dont Have To Pay High Rates
A common misperception is that if you have bad credit, you will pay dearly for a home loan. Even with a poor credit record, you can find sub prime loans only two or three points higher than conventional loans.
Another misperception is that a bankruptcy or late payment means you have bad credit for seven to ten years. Not true. While such information will be on your record for several years, you can still have a good credit rating.
The best way to determine your credit record is to get a free copy of your credit report from the consumer credit agencies. You can also purchase your credit score info, or get it free from a credit monitoring service. With your credit report, you should also check for any errors and get them fixed.
2. You Can Improve Your Application
Your credit score isnt the only thing that affects your mortgage application. Your employment history, assets, and cash reserves are also important.
Having six months of cash reserves, such as savings, CODs, or money market accounts, can also qualify you for better rates. Down payments will also affect your rates. The larger the down payment, the better the rates.
Picking an adjustable rate mortgage is also easier to qualify for since monthly payments are relatively low with this type of financing. Just be prepared for larger monthly payments if market rates rise.
3. You Can Have Good Credit In Two Years
Once you have signed for your mortgage, remember that you can refinance in two year for better rates. During that time you can improve your credit score by making regular monthly payments and paying off short term debt.
Before signing for any mortgage, first check the rates of several lenders. A little comparison shopping now can save you thousands of dollars in the future.
Here are our recommended subprime mortgage lenders, Recommended Bad Credit Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
More Useful Resource and Updates on california refinance mortgage fha home loan
- Are you an idiot to keep paying your mortgage? (ABC 15 Phoenix)
Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.
- Proposal could drop mortgage rates to 4.5 percent (The Monterey County Herald)
Mortgage brokers could barely contain their enthusiasm as news leaked from Washington of a proposal to reignite the dormant housing market by driving down mortgage rates to the 4.5 percent range.
- Home Loan Fraud Still Rising; Florida Leads Nation (HispanicBusiness.com)
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle home loan fraud during the second quarter of the year, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday.
- Mortgage Refinance Applications Soar As Rates Fall (Nasdaq)
NEW YORK -(Dow Jones)- Applications to refinance mortgages soared last week as interest rates dipped by almost 1 percentage point after the Federal Reserve announced that it would purchase billions in mortgage related debt.
- Mortgage freeze hard on self-employed (Rocky Mountain News)
The government?s recent moves to backstop the mortgage market have made it easier for many people with decent credit scores to get a loan. But for many self-employed people ? even those with pristine credit ? the mortgage freeze has yet to thaw.
- Florida leads nation in fraudulent mortgage applications (Miami Herald)
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle the problem of home loan fraud during the second quarter of theyear, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday.
- Business briefs: Dec. 4, 2008 (Rocky Mountain News)
Productivity slows to 1.3% in third quarter Calif. congressman might be trade rep Mortgage application volume more than doubles Yahoo plugs int to CBS Harvard endowment down
- Home builders see shares rise (The Record)
U.S. home builders, including Hovnanian Enterprises Inc., Meritage Homes Corp. and Standard Pacific Corp., saw shares rise in New York after mortgage applications surged and a report said housing supply is tightening in California.
- Lower mortgage rates spur refinancing (San Diego Union-Tribune)
The housing market may finally be getting some much-needed relief, with lower mortgage rates already encouraging refinancing and Treasury officials considering ways to entice new buyers.
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