| Getting a home loan with bad credit has actually never | | | | out there that you will talk to who will say, “I |
| been easier than it is today. Here are some tips to help | | | | can’t help you, and if I can’t help you, no one |
| improve your chances of success: | | | | can help you.” But, if you persist in talking with other |
| Find A Good Real Estate Deal – If you can find a | | | | brokers, 10 minutes later you could be talking to |
| property that has some equity in it when you purchase | | | | someone who knows a way to help you, no problem. |
| it, you may have an easier time getting financing on | | | | Most brokers feel that if they can’t help you, no |
| that property. To the lender it may be almost as good | | | | one can. However, the ironic thing is that each broker |
| as if you had some kind of down payment on the | | | | is varied in the types of loans they can do. Some |
| property. Some lenders will consider the properties | | | | brokers have relationships with flexible mortgage |
| loan to value ratio when they consider the loan. Talk to | | | | lenders and others do not. I recommend applying online |
| your mortgage broker and see if this factor could help | | | | to mortgage services that will submit your application |
| you get qualified. | | | | to multiple lenders. That way, your credit is only pulled |
| Try Creative Financing – See if the seller would be | | | | once, and you can analyze offers from multiple |
| willing to carry back a second mortgage on the home. | | | | lenders. To see our list of recommended bad credit |
| This is where you set up a contract or agreement | | | | mortgage lenders, visit here bad credit mortgage |
| with the seller that you will pay them monthly | | | | lenders. |
| payments, including interest of, let’s say, $150/mo | | | | Improve Your Credit Score – There are some |
| on $10,000 dollars of the price of the property, as a | | | | really simple ways to improve your credit score |
| second mortgage. Then, to make it nice for the seller, | | | | without spending too much time at it. All 3 major credit |
| perhaps put in the agreement that the entire amount is | | | | bureaus now have areas on their websites where you |
| due in full within 2 years or something. That should give | | | | can dispute incorrect items on your credit. The |
| you plenty of time to refinance and then the seller | | | | process is very quick and easy. Make your current |
| doesn’t feel permanently locked into the contract. | | | | payments on time to help your score. Keep your |
| Save For A Down Payment – There are lenders | | | | number of credit inquiries down. Too many inquiries |
| who may be able to qualify you for 100% financing, | | | | can hurt your credit score. If you want to buy a house, |
| even with low credit scores, but your interest rate will | | | | don’t apply for any credit cards, auto loans or any |
| be much lower if you can put even 3-5% down. If | | | | other type of loan if you can avoid it. For your |
| possible, try to save as much as possible for a down | | | | reference, here are the links to all 3 major credit |
| payment. Sometimes it may be better to wait about | | | | bureau’swebsites: . |
| 3-6 months to get into a new home loan if it means | | | | If you really do want to get into a home, don’t let |
| the difference of having a down payment. The interest | | | | bad credit stop you. There are lenders out there who |
| rate could be quite a bit better because of that factor. | | | | can help you, it just takes some persistence. Apply |
| However, if you don’t want to have a down | | | | with multiple lenders. Like I said, apply with mortgage |
| payment, you can always refinance later for a lower | | | | services that specialize in bad credit mortgage loans |
| interest rate. | | | | and will submit your application to multiple lenders with |
| Shop Around – There are some mortgage brokers | | | | only having one credit inquiry. |