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bad credit mortgage lenders

If your dream is to purchase a home but you`re burdened with bad credit, you`re not alone. Finding a lender who is willing to work with you may be difficult, but it`s not impossible.
When choosing a bad credit mortgage lender, there are a few things you should look for. Reputable lenders will be able to offer special programs specifically designed for borrowers with bad credit. This doesn`t mean, however, that you will get the same rates and terms as someone with good credit. Go in with the mindset that you will be paying more in interest and be subject to more stringent terms than if you had great credit to begin with.
Most lenders will be able to give you information on the FHA. The Federal Housing Administration has loosened its requirements since the sub-prime mortgage meltdown and getting a 30-year fixed rate loan is easier now than it has been in years. This doesn`t mean you can walk in and expect the entire housing cost to be covered. You will need a down payment.
Generally, the FHA requires a borrower with a score between 580 and 620 to have a down payment of 10%. Any score higher than that only requires a 3% down payment. As long as you can prove steady employment and income and have the required down payment, you should qualify for an FHA loan. Just because you have gone through a previous foreclosure or bankruptcy doesn`t mean it`s the end of the world either. Borrowers who have endured one or both of these jolting events need only wait two or three years before applying. There`s simply no quicker and easier way to get back on track.
If an FHA loan doesn`t appeal to you, look for lenders who still offer adjustable-rate mortgages. This will mean a higher interest rate and bigger down payment, but ARMs are generally easy to get. Be aware of the terms and read the fine print carefully so you aren`t walking into a bad situation. You want an adjustable-rate loan or interest-only mortgage that can easily be refinanced later.
A broker may be able to hook you up with lenders. Finding a lender on your own, willing to work with your financial situation, can be difficult but brokers know the ins and outs of every mortgage program out there. They will know what options exist for your bad credit situation, although you will end up paying more in broker`s fees, so weigh your options carefully.
If you are still unable to find a bad credit mortgage lender, begin working on improving your credit score. You can even do this while you are looking for a loan. Focus on paying down debts and abstain from applying for new lines of credit while you save for a house down payment. Lenders will be more willing to work with you if you currently have a strong repayment history, even if things had slipped a couple of years prior to you applying. Finding the right loan for bad credit will take some legwork but the research will certainly pay off.

Bad Credit Mortgages - How to Get Home Loans With Bad Credit

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9 First-Time Homebuyer Grants And Programs | Bankrate.com

Buying your very first home can be overwhelming. There’s all the financial jargon and the mountainous mortgage paperwork, not to mention the dollar amounts that can make you dizzy.

Money issues often stand in the way of homeownership. A survey by rental service Apartment List found that 80 percent of millennial renters want to buy a home, but most say they can’t afford to.

What you may not realize is that many first-time homebuyer programs and grants offer financial help, and you may be eligible for various types of assistance.

Here are nine first-time homebuyer programs and grants designed to help you land a great mortgage and get a place of your own.

1. FHA loan

In an FHA loan, the Federal Housing Administration insures the mortgage. The FHA is an agency within the U.S. Department of Housing and Urban Development (HUD).

The FHA’s backing offers lenders a layer of protection, meaning that your lender won’t experience a loss if you default on the mortgage.

Pay A Mortgage With A Credit Card? | Bankrate.com

If you want to rack up tons of credit card points, you might wonder whether you should pay a mortgage with a credit card.

As clever as the idea may seem, it’s often a bad idea, especially if your credit card balance begins to grow.

Fewer and fewer options

Before the housing meltdown changed the way the  mortgage  industry operates, people would go through a third-party service to make mortgage payments.

Frequently, homeowners used these services including credit cards to manage a mortgage they could not afford rather than to earn credit card points. In other words, it was an act of desperation.

More recently, one of the easiest ways to pay a mortgage with a credit card and rack up points was by using American Express Serve , a reloadable prepaid debit card account.

The prepaid account allowed users to load money onto the card and pay monthly bills or buy things. American Express Serve helped many people skirt the issue of mortgage companies that would not take credit card payments.

Bad credit mortgage lenders?

Can anyone help me locate lenders that are willing to loan to people with bad credit (only bad due to NOT having credit cards!), and only a small down payment? I know they still exist, but need some leads.


Im not sure why they are denying you i what you say is true, we have no credit cards, my husband and I dont believe in them, if we cant afford it then we save for it, if we still cant afford it then we dont need it.