Buying A Home With Bad Credit - Get Approved With A Recent Bankruptcy Or ForeclosureWritten by Carrie Reeder
A few years ago, if you had a bankruptcy or a foreclosure on your credit report, you could forget about trying to get a mortgage loan. If you were lucky enough to find someone who would finance you, your interest rate would be through roof and plan on putting 10-20% down.
But today, this is not case. There are many programs available today to help people who have recently suffered a bankruptcy or foreclosure to get a mortgage loan or mortgage refinance loan.
There are two things to do if you are in this situation:
1. Get yourself a free copy of your credit report from all 3 major credit bureaus, look over everything, do you see any mistakes? Make sure everything included in your bankruptcy or foreclosure reports accurately on your credit report. Make sure those accounts involved in a bankruptcy or foreclosure are not showing something else like collection or charge-off.. That could make your score much lower than it needs to be. If you have a bankruptcy or foreclosure, you want everything involved to say so, so it is all under 1 circumstance, instead of many. You can dispute all errors on your credit report online nowadays. It takes about 15 minutes. You can do it right on website of Equifax, TransUnion or Experian.
Buying A Home With No Money Down Or Bad Credit - PMI Can Make It EasierWritten by Carrie Reeder
Private mortgage insurance is an excellent method for homebuyers who have trouble saving money, are short on money, or have bad credit, to get into a home now. Private mortgage insurance is provided by a third party to protect lender in mortgage contract. This allows you to purchase a home with a much smaller down payment and if you have bad credit. You should note that this service does not protect you as buyer; it protects lenders such as a mortgage broker or a bank.
Private mortgage insurance is of a great value to those people who can afford payments on a home but have not been able to save up usual ten to twenty percent for a down payment. But, using private mortgage insurance you can lower your down payment amount to anywhere between three and five percent. This allows home buyers to move into a home much sooner and save money.