Top 10 Loans For Bad Credit
Check out top 10 loans sources for bad credit at this page.
Holding a bad credit is definitely not a happy matter, you will overwhelmed by rejections from many banks and lenders. In fact, you don't need to be sad, because there are thousands of peoples are same situation like you.
There are variety sources of getting funds even with bad credit, take a look at the following sources :-
1) The FHA loan - is offer by U.S. Department of Housing and Urban Development (HUD). For those intended to purchase home with low interest rate.
2) The RHS loan (Rural Housing Service) - the loans are administered by US Department of Agriculture, with minimum closing cost & no down payment required. They gives guarantee for local rural borrowers
3) Conventional government loan - this is not part of RHS or FHA loan, but the independent loan from government.
4) The VA loan (Veteran Affair) - the loans are designed for veteran and service personnel who wish to own a home, the interest is very low.
5) The conforming loan - Loans that conform to the guidelines given by Fannie Mae and Freddie Mac. To eligible for the loan, borrower shall meet their requirements
6) Jumbo loans - also offered by Fannie Mae & Freddie Mac, they fix the limit of the loan. Within the limit the interest of the loan is low & will be high if exceed the loan limit.
7) The B/C loans - offering by Fannie Mae & Freddie Mac, for those with poor credit score and not satisfy the credit conditions.
8) Fixed rate mortgage - the interest rate is fixed for the whole tenure of the loan, different lenders will have different requirements.
9) Adjustable rate mortgage - the interest rate is affected by market fluctuation, low interest rate at the beginning and will increase based on market rate.
10) State local housing program - interest rate is very low, Credit Certificates are loans that offer tax credit on interest paid.
For more information about other loans, please check out Various Loans Guide instead of Top 10 Loans for Bad Credit
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