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100__Financing_Bad_Credit_Mortgages_-_Tips_On_Getting_Approved

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100% Financing Bad Credit Mortgages - Tips On Getting Approved


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353


Summary:
100% financing of a bad credit mortgage can help you buy a house with little cash due at closing. Even with
an adverse credit score, you can start building home equity and wealth with your new home purchase. To get
approved for such subprime mortgages, take a look at your credit report. Stack the odds in your favor by
increasing your qualifications. And finally, search for the right lender online.


Take Stock Of Your Credit Situation


With poor credit, you can’t afford to...



Keywords:
100% mortgage loan, bad credit



Article Body:
100% financing of a bad credit mortgage can help you buy a house with little cash due at closing. Even with
an adverse credit score, you can start building home equity and wealth with your new home purchase. To get
approved for such subprime mortgages, take a look at your credit report. Stack the odds in your favor by
increasing your qualifications. And finally, search for the right lender online.


Take Stock Of Your Credit Situation


With poor credit, you can’t afford to have mistakes in your credit report. Before applying for a home loan,
go over a copy of your report and make sure all your information is accurate. You can get a free copy of
your report online through many sites.


If you plan to secure financing in the next few months, don’t open or close any additional accounts. Such
activity will only lower your score – at least for a short time. Instead, focus on spreading your debt across
accounts or eliminating it.


Plan On Cash Reserves And Low Debt Ratio


Subprime lenders look at several factors when determining a mortgage application’s status. Credit payment
is important, but so are cash assets and income. These two factors can offset late payments or even a fairly
recent bankruptcy.


Most lenders prefer to see at least six months of cash reserves for a no-money down mortgage. A low debt-
to-income ratio is also critical.


Search For The Right Lender Online


There is a wide range of rates and fees charged for subprime home loans. The only way to find the best deal
is to search for it online. Broker sites with multiple quotes are the easiest place to start.


Ask for loan estimates that include quotes on closing costs and fees for a “no money down” mortgage. This
will give you a realistic picture of loan costs.


However, the problem isn’t so much about getting approved for 100% financing; it’s about getting a decent
rate. Be open to all your financing options, including a down payment. Lenders are more than willing to
work with your situation, regardless of your credit history.




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posted:12/31/2011
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