The correct bad credit home loans may provide some respite from high mortgage and interest payments. However, and more importantly perhaps, there are many more benefits associated with bad credit home loans; one consequence is the fact that a new loan may give your existing poor credit score a boost. You could consolidate all your outstanding and recurring payment obligations into one, low monthly payment by utilizing a bad credit home loan.
Use the power of the web to research bad credit home loan providers, compare rates, closing costs and other fees. These could vary substantially because a bad credit home loan is often underwritten and priced on a case-by-case basis. Online applications are usually straight-forward, these guys want your business. The demand for a bad credit home loan over other forms of loan has increased substantially over the last 18 months, driven primarily by the (continued) demise of the housing market and high foreclosure rates, many companies are now specializing in offering a bad credit home loan as their main form of business. However, please be careful when starting the process and don't give out your personal information no matter how appealing the offer is, without establishing that the site is a reputable one. Ensure that the bad credit lender is licensed in your state and then request information.
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An initial route to investigate is the availability of an FHA loan. This is potentially possible if your credit isn't very bad, maybe with just a few late payments affecting the rating. Whatever the case, it's worth checking your situation out with a Fannie Mae or Freddie Mac lender first before checking out bad credit home loan deals. You'll get a far better deal with an FHA loan than that offered by a bad credit home loan.
As with any loan, your credit rating will affect the rates that you are offered with the bad credit home loan. Usually, a credit score below 640 will limit the bad credit loan to an 80% loan to value. However, there are bad credit mortgage loans out there that will deal with a credit score as low as 580. The downside to having a low credit score is that the interest rate attached to the bad credit home loan will increase as your credit score decreases.
The bad credit loan lender will often, if not always determine that any existing collection accounts be paid off. A bankruptcy may not be allowed within the last 2 to 7 years. A huge determining factor will be confirmation that your existing mortgage payments (if you have one) are current, with no late payments over 30 days within the last 12 months. So, using a bad credit mortgage is a good way to revitalize your credit score, while providing a way of securing a home.
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