If your in the market for a home loan, however your credit isnt all that you would like for it to be, its important that you know that there is some hope. It wont be as easy as someone with spotless credit of course, but it is possible.
Actually, right now its easier than ever to get a home loan with bad credit to be honest.
There are some things that you can do to increase your chance. Here they are:
Find a property with built in equity. If you can find a home that already has equity, it may be much more simple to getting a loan on the property. To the lender, this could mean that youve already made some down payments on that property. Youll have to consult a mortgage broker to see how this helps you.
Be creative in your financing. Maybe the seller will take a second mortgage on the property in fact. You can save a down payment by entering into a contract with the seller that youll make monthly payments with interest in lieu of a down payment. This is actually sometimes referred to as a lease option.
These days there are a ton of lenders that will give you a one hundred percent financing, that is if you have a good credit score. However,...
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