Buying A Home After Foreclosure – Comparing Bad Credit Lenders
After a foreclosure, you may be a little hesitant to apply for a new home loan. Moreover, several lenders will question your ability and willingness to repay the mortgage. Although there are many obstacles to getting approved for a mortgage loan after a foreclosure, homeownership is attainable. The key is choosing the right lender and picking the best finance package.
Which Lenders Offer Mortgages after Foreclosure?
Traditional mortgage lenders such as banks, mortgage companies, and credit unions rarely offer loans to those with a past foreclosure. However, some traditional lenders will offer sub prime loans to those with poor credit. Sub prime loans are intended especially for people with a low credit score. If your home was recently foreclosed, you likely have a negative credit rating. In this instance, a sub prime loan is helpful.
Although some traditional lenders offer sub prime loans, there selection is limited. Moreover, these lenders may require a down payment. If you are hoping to get approved with no money down, it may help to apply with a lender that specializes in bad...
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