Home Loan Bad Credits
Home loan bad credit package was specially designed for peoples who has bad credit history & score. Having a bad credit isn't end of the world, you still got the chance to get the loan. But the rate definitely will higher than other types of loan.
There are 2 major types of Home loans for peoples who have bad credit :-
1) Bad Credit Mortgage Loan - Obviously this loan is for people who want to purchase new home. Interest rate is around 10% annually, it is vary depending borrower's credit score & history.
2) Home equity loan with bad credit - This loan is for refinance (2nd mortgage) even with bad credit. Only for people who has gained an equity from home, peoples take out the money from this loan to start up a business, consolidated a debt and other uses. It's not for 1st time home buyer.
Qualifying for bad credit home loan
Not all bad credit peoples are qualifying for this loan, you have to walk-in and check with the bank officer whether you are qualify or not.
If you are not qualify for this loan, you may find a cosigner to helps you. And the cosigner must bear a good credit. The other way, you may need to improve your credit score until you qualify for the loan.
2 main aspects of bad credit borrower will be checks by lender are your monthly income and how much are you borrow. They will make sure your income is sufficient to make repayment after deduct all basic expenses. And the range of amount borrow is another important part will be checks, after all lenders are not likely to put themselves in high risks position.
For improvement of Bad credit, please check out
Bad Credit Tips instead of Home Loan Bad Credits
Return to Loan-God Home Page
Return to Loan-God Home Loan
Return to top of the page