Bad Credit Home Mortgage Loan Guide
Do you have bad credit? If yes, Bad Credit Home Mortgage loan may helps you.
Even now rough economic situation, there are still many lenders willing to lending their money to peoples with bad credit.
In U.s. borrowers are categorized into 4 grades, there are :
Grade A = 620-800 FICO Score, none or minor delayed
Grade B = 550-650 FICO Score,1 or 2 times 30-60 days late
Grade C = 500-620 FICO Score, late many times 1-120 days
Grade D = 400-580 FICO Score, many lates over 120 days, bankruptcy
While you have bad credit, it means that your interest rate offered by lender will definitely higher than others. When apply for this loan, you may need to furnish the bank account statements, employment history and other relevant information to the lender. They will check your track record, credit rating and financial thoroughly.
Don't give up, you still got the change. Hopefully the tips provided can help you up. Good luck!
Here are the tips for bad credit peoples :-
1)Find a property that already has earned equity, such property will likely let bad credit people get the loan. The equity earned from the property might treat as down payment when reviewing by lender.
2) Saving much money as a down payment before buying a home. If borrower can provide 3-5% down payment, the interest rate offer by lender will be definitely lower.
3) Keep shop for most appropriate lender, you may be refuse by some brokers but there are still some willing to help you.
4) Discuss with the home seller, asking for reduce the price of the property. Some sellers might have some discount for you as they are in rush of needing money.
For more information and tips, please check out the link below
Bad Credit Mortgage Tips instead of Bad Credit Home Mortgage
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