Poor Credit Home Loans Giving People a Chance
If you don't have a great credit score you shouldn't give up on the home ownership dream. There are poor credit home loans for you. You just have to know where to look and which programs might be applicable to your situation. The benefits of home ownership justify the research necessary for you to find the right loan. Most normal private loans have minimum credit score standards. Some are firm with this and will not budge. Others might make exceptions assuming you come up with a higher down payment. It might also be possible to get a cosigner. It is worth the time to inquire about such possibilities if they are applicable to you. The current real estate market condition also presents other opportunities for creative buyers with bad credit. Taking over a mortgage could be a possibility. It might otherwise be possible to sign a long term lease with an option to buy the property at current market value. Some owners might even allow rent payments to be applied towards the purchase price should the option be executed. This is a great way for those with bad credit to get into an equity building situation. It also avoids any down payment. If those paths prove fruitless, then all is not lost. There are loans backed by what is called the Federal Housing Administration. These are commonly referred to as FHA loans. FHA loans do not require minimum credit requirements. Aside from not having minimum credit score requirements, FHA loans also provide other advantages which are usually needed by those with less than stellar credit. Credit isn't an issue with an FHA loan unless you have filed for bankruptcy within the previous two year period or have had a foreclosure within the previous 3 year period. FHA loans also do not require the traditional 20% down payment. Most often, they only require a 3% down payment making it much easier for those with bad credit to close on their property. Another advantage is the waiving of the stipulation that closing costs be borne by the borrower due in full at closing. These can often add up to thousands of dollars. With an FHA loan, the lender pays half of these fees, and the other half is tacked onto the principal of the mortgage. Do not make the assumption that there are no poor credit home loans available for you. There very well may be. You just have to know where to look. The above ideas are just a few out of many. Do your research and you might discover that home ownership is within your reach.
Related Tags: credit, home loans, home mortgage loans, poor credit home loans
Bad credit? Poor credit home loans are giving people a fighting chance at owning a home of their own. For more on this, visit http://www.MortgageLoans-101.com where you'll find this and much more on your mortgage loan needs.
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