Buying A Home With Bad Credit - Tips On Finding The Right Broker Or Lender

Written by Carrie Reeder

You can buy a home with a bad credit record; you just need to findrepparttar right mortgage financing package. Before you sign up withrepparttar 147786 first company that offers you a loan, remember to research offers to be assured you are getting a fair deal.

Know Your Credit Rating

Your credit score is one ofrepparttar 147787 biggest factors in determiningrepparttar 147788 points you will pay for your loan. People with scores between 620 and 800 have near perfect credit and will haverepparttar 147789 lowest rates and fees. Scores between 620 and 550 mean an interest rate or two higher. 600 is usuallyrepparttar 147790 cutoff point for 100% financing. Scores less than 550 mean mortgage interest rates are up to 5% higher with up to five points. Lenders will also require a down payment between 5% and 20%

You can find your score online along with your credit report. This is a good time to make sure allrepparttar 147791 information is correct on your record. Any discrepancies should be checked out and corrected before applying for a loan.

Know The Fees

Arm yourself with information so you will know what are reasonable fees for your type of loan. Mortgage brokers are paid for their work through points paid up front or throughrepparttar 147792 lifetime ofrepparttar 147793 loan byrepparttar 147794 lender. Lenders also make money through points.

Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

Written by Carrie Reeder

If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis onrepparttar other two factors needed to get a mortgage loan, which are; income verification and a down payment.

After bankruptcy most lenders want you to wait at least 2 years fromrepparttar 147785 time ofrepparttar 147786 bankruptcy discharge before they will consider you for a mortgage loan. Afterrepparttar 147787 two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported torepparttar 147788 credit bureau as having been paid on time sincerepparttar 147789 discharge of your bankruptcy.

If you are looking to get a mortgage loan after bankruptcy sooner thanrepparttar 147790 2 years fromrepparttar 147791 time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved.

There are ways to get a down payment for your mortgage besides havingrepparttar 147792 money saved inrepparttar 147793 bank. Here are some ideas of ways to do that:

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