Bad Credit Lender Loan Mortgage: Buying a Home With Less-Than-Perfect Credit [mortgagefraud101.blogspot.com]
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Bad credit lender loan mortgage is one option available to people with less-than-perfect credit. Bad credit lenders provide mortgage loans to high-risk borrowers, enabling them to buy a house or refinance their mortgage to avoid foreclosure.
Bad credit lender loan mortgage providers extend credit to borrowers who do not meet criteria established by mortgage lenders and banks. Borrowers must undergo the loan process and provide financial documentation such as federal tax returns, employer paycheck stubs, and bank statements.
Some bad credit lenders extend credit to borrowers who need to refinance mortgages to stop foreclosure. Few lenders refinance mortgage loans when borrowers owe more than the appraised value of the home. Borrowers unable to obtain refinancing for pre-foreclosure homes can contact their lender to request a short sale arrangement.
Short sales are complex and complicated.
Some lenders will accept the short sale as payment in full. Others persue the borrower for the difference between the purchase price and balance owed. This is known as a Deficiency Judgment and has detrimental effect on your credit. Even when deficiency judgments are paid in full they can remain on credit reports for up to seven years.
Bad credit lenders charge a higher rate of interest than traditional lenders. At present, interest rates are low enough that a reasonable monthly payment can still be achieved. However, it is important to shop around for lenders offering bad credit loans. Interest rates can vary as much as 5-percent between lenders.
It is also important to determine if the bad credit lender imposes prepayment penalties. When entering into bad credit loans, the goal is to establish or rebuild your credit. By making your payments on time or paying additional monies when possible, mortgage notes can be refinanced through a traditional lender within a few years.
If the bad credit lender imposes prepayment penalties, borrowers could be stuck with a high-interest loan for 30 years. While paying an extra $ 20 or $ 30 per month may not appear to be a big deal, consider the long-term effect. Thirty dollars per month times thirty years equals an additional $ 10,800. Wouldn't you rather have that money in your pocket?
If you aren't able to obtain a loan through bad credit lenders, consider renting an affordable home while saving money for a down payment. Many people make the mistake of renting expensive homes when they could be renting cheap homes and saving to buy a home of their own. If you want to own a house it is crucial to live within your means. Otherwise, you will always be paying someone else's mortgage payment instead of your own.
With today's recessed market and credit crisis, many homeowners are offering seller carry back financing. The seller provides all or part of the financing for two to five years. During this time, the buyer is able to improve their credit and obtain a mortgage loan at the end of the agreement.
Another option is to seek out rent-to-own houses. With this type of arrangement, tenants rent the home from the seller with the option to buy. Tenants generally rent for two to three years while establishing credit.
Rent to own agreements can be executed to suit all parties involved. In most cases, the seller applies a portion of the rent toward the purchase. Occasionally, sellers will apply 100-percent of the rent money if the deal can be completed within 12 to 18 months.
Each of these options presents advantages and disadvantages. Before making a final decision take time to thoroughly research all home financing options. More Bad Credit Lender Loan Mortgage: Buying a Home With Less-Than-Perfect Credit Issues
Question by T.J: Looking for a mortgage with less than perfect credit? Anyone know where I can get a mortgage with less than perfect credit? I live in the Atlanta GA area and I am 1 1/2 years from a discharged bankruptcy. Are there any legit companies that I can work with and not get ripped off? Best answer for Looking for a mortgage with less than perfect credit?:
Answer by nj2pa2nc
there are mortgage co that will give you loans with less than perfect credit. I see them advertised on tv. You will probably have to pay a high rate of interest.
Answer by bowler_j
Do you know what your credit score is? If it isn't above 650, it may pay to wait another year or so. There are many lenders online who will work with you now. E Loan and Lending Tree are among them. See what kind of deal you can get and then see if a local bank will meet or beat it. If not get the mortgage online.
Answer by SexyTrojan
You'll pay a high interest rate with a bankruptcy. Keep in mind that you can ALWAYS refinance later AND the interest is tax deductible. Either go through a mortgage broker or check with Option One. When my credit was bad, I got my mortgage through Option One.
Answer by pokerplayer528
Yes there is. I put a link here for you to check out. It is one of the biggest and most flexibile lenders on the planet. Good luck.
Answer by the dream
United Home Funding / Mortgage Zone
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