Home Loan with Bad Credit
 

Hai,

I am Sakitha.

Finding a that is affordable when you have bed credit can seem nearly impossible and can be very frustrating. However, there are lenders out there who will approve your home loan regardless of your credit history. Yes, there will be some fees and catches associated with this, but it is possible. There are some things you can do, however, to help you buy a home and be approved for a home loan even if you have bad credit. The following suggestions will prepare you for getting a home loan even with poor or bad credit.

Home Loan Tip #1 Online Lenders
Finding a home loan can take up a lot of time going from lender to lender. So, it?s better to shop online for a home loan and have home loan lenders bid for your business. You supply your personal information and then home loan lenders respond to you with their basic home loan rates considering your personal situation. Then, you will be able to quickly choose between a variety of options for your home loan and find the best one for you. Remember, if you have a high interest rate you can always refinance your home loan once you get your credit in shape.

Home Loan Tip #2 Down Payment
A home loan approval for people with poor credit generally requires a 10-20% down payment. Basically, the higher the down payment you can make the better home loan rates you will receive. When you make a large down payment you have immediate equity, which goes a long way to you being approved for a home loan.

Home Loan Tip #3 Insurance
If you have mortgage insurance your home loan will more likely be approved. The reason for this is home loan lenders want to feel secure when making a home loan, and if you have bad credit then that security is not there. However, if you have mortgage insurance the home loan lender feels more comfortable making the home loan to you despite your bad credit.

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Nice thread! I really like your provided information. It's really helpful for me.
Thanks a lot!

Info
 

In the current market conditions, adverse credit is seen as a bit of a taboo subject, it's ironic that the situation is causing the problems, but cannot rectify it, as more people become adverse clients, the less options they have. The lenders are restricting LTV and property valuations are dropping making it a difficult time for adverse clients

really nice information...and if anyone interested in taking loans...then dont hesitate to ask from hard money lenders...they provide loans with no down payment....

I have plan to built a house and looking for loan, really your information very much helpful for me to took a loan.

Useful information! Its really helpful for me, i have plan to took loan for next coming days.

Re: Home Loan with Bad Credit
 

Though you may still get a mortgage even with a credit score as low as 500, such bad credit loans have high interest rate compared to conventional loans as the lender's money is being put into a much riskier situation. The lender can also increase the rate for minor payment lapses, or worse, seize your property as collateral so you have to make sure you can fully commit to meeting the payments on time.

Recenlty my friend got home loan of 500000$ for 25 years on 1.5% which should be paid annually my friend doesnt have good credit his credit score is below 500 but still he got loan.
I asked him how you got ?
He told me while i was searching on internet for Home loan with Bad credit he found a site which contains about 8 links for bad credit so i checked all of them one by one .

you have mentioned some really good things here but what to do you suggest if you have tried everything to get credit rating up but its not working? My friend has really bad and doesnt know what to do.