Finding a home loan with less than stellar credit isnt an easy task. But, it is possible and it is getting somewhat easier. Consider the following tips to improve your chances of being approved for a home loan:
Tip #1. Find a real estate agent you can trust and enlist his help in identifying properties that will come prepacked with equity based upon their worth and their selling price. Financing a property that has equity built in above and beyond the mortgage is always going to be easier and quicker than a fixer-upper or something that requires you to sink more money in it immediately. After all, to lenders, equity is almost as good as cash down. Have your agent and mortgage brokers help you identify possibilities in this area.
Tip #2. Look outside the boardroom box for more creative options for finding financing. If the seller will carry a second mortgage you may be able to save your down payment in exchange for monthly payments and interest. You may find lenders who will offer 100 percent financing but the interest rate is a big reason to consider saving for six months on your own to save a down payment instead. The amount of interest you save in the...
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