Home Mortgage Loans For People With Bad Credit Getting a by rickhesse

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									 Home Mortgage Loans For People With Bad Credit



Getting a home loan with bad credit has actually never been easier than it is today. Here are some tips to
help improve your chances of success:

Find A Good Real Estate Deal - If you can find a property that has some equity in it when you purchase it,
you may have an easier time getting financing on that property. To the lender it may be almost as good as if
you had some kind of down payment on the property. Some lenders will consider the properties loan to value
ratio when they consider the loan. Talk to your mortgage broker and see if this factor could help you get
qualified.

Try Creative Financing - See if the seller would be willing to carry back a second mortgage on the home.
This is where you set up a contract or agreement with the seller that you will pay them monthly payments,
including interest of, let's say, $150/mo on $10,000 dollars of the price of the property, as a second mortgage.
 Then, to make it nice for the seller, perhaps put in the agreement that the entire amount is due in full within 2
years or something. That should give you plenty of time to refinance and then the seller doesn't feel
permanently locked into the contract.

Save For A Down Payment - There are lenders who may be able to qualify you for 100% financing, even
with low credit scores, but your interest rate will be much lower if you can put even 3-5% down. If possible,
try to save as much as possible for a down payment. Sometimes it may be better to wait about 3-6 months to
get into a new home loan if it means the difference of having a down payment. The interest rate could be
quite a bit better because of that factor. However, if you don't want to have a down payment, you can always
refinance later for a lower interest rate.

Shop Around - There are some mortgage brokers out there that you will talk to who will say, "I can't help
you, and if I can't help you, no one can help you." But, if you persist in talking with other brokers, 10 minutes
later you could be talking to someone who knows a way to help you, no problem. Most brokers feel that if
they can't help you, no one can. However, the ironic thing is that each broker is varied in the types of loans
they can do. Some brokers have relationships with flexible mortgage lenders and others do not. I
recommend applying online to mortgage services that will submit your application to multiple lenders. That
way, your credit is only pulled once, and you can analyze offers from multiple lenders. To see our list of
recommended bad credit mortgage lenders, visit here recommended bad credit mortgage lenders

Improve Your Credit Score - There are some really simple ways to improve your credit score without
spending too much time at it. All 3 major credit bureaus now have areas on their websites where you can
dispute incorrect items on your credit. The process is very quick and easy. Make your current payments on
time to help your score. Keep your number of credit inquiries down. Too many inquiries can hurt your credit
score. If you want to buy a house, don't apply for any credit cards, auto loans or any other type of loan if you
can avoid it. For your reference, here are the links to all 3 major credit bureau's websites:
www.abcloanguide.com/credithelp.shtml

If you really do want to get into a home, don't let bad credit stop you. There are lenders out there who can
help you, it just takes some persistence. Apply with multiple lenders. Like I said, apply with mortgage
services that specialize in bad credit mortgage loans and will submit your application to multiple lenders with
only having one credit inquiry.

Carrie Reeder is the owner and webmaster of http://www.abcloanguide.com. Visit her site for informative
loan articles and lists of recommended lenders for bad credit mortgages.

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