Bad Credit FHA Mortgage - You Can Buy a Home With Less Than Perfect Credit! [mortgageprotectiontips.blogspot.com]
The last four years of a challenged economy have resulted in many Americans facing financial difficulties. We now find ourselves in an environment where investments (ie real estate, stocks, etc.) have lost value, unemployment has doubled, and overall spending has decreased dramatically. The unexpected hardships, such as losing a job, have left people in higher debt and lowered FICO scores. While having a low FICO score may feel like the end of the world, there is a light at the end of the tunnel. The good news is that over time, your credit can improve, AND there are still home loan options for individuals with less than perfect credit. Even if your credit has had some challenges (ie late payments or large amounts of credit card debt), it might still be possible to get a loan with a little hard work (ie writing a letter of explanation or make some phone calls to the creditors to clear things up). A lot of people think they have to wait 2, 4, 5 years or even longer after having credit issues, foreclosures, bankruptcies etc., but that isn't always necessarily correct. Without knowing the rules, it's difficult to be confident about knowing exactly what you can or can't do. There are a lot of ways that someone can attain a home loan even if they have credit issues. With conventional loans, you might have to put a larger down-payment, but FHA and VA loans are also available. FHA loans are a viable option for individuals with FICO scores in the 500's and 600's. Some of the ...
mortgageprotectiontips.blogspot.com How to Get a Home Loan with Less than Perfect Credit, Expert Interview with Brian Shaw
Everyone can agree that this past couple of years has been incredibly hectic and filled with immeasurable suffering as it relates to the bursting of the housing bubble and subsequent economic downturn that sent the United States spiraling in to one of the biggest credit crunches since The Great Depression. You know your credit is not the best and you have heard that there are programs that will help people with bad credit to get a mortgage. One of these programs is the Bad Credit FHA mortgage.
With record foreclosures and unemployment rates, that are barely showing minute signs of slowing, it has become harder than ever to qualify for and receive a mortgage loan as banks recoil against the fierce backlash they helped create. This is especially true if your credit is less than perfect, which happens to be the case of a considerable number of people in this country, especially given current situations.
So, what do you do if your credit isn't the best, but you know you can make the payments on a house if someone will just give you the chance? Enter the bad credit FHA Mortgage.
Now, before excitement clouds your judgment, it is imperative to understand exactly what a bad credit FHA Mortgage is and how it can help you.
For starters, a FHA Mortgage is one that is backed by the Federal Government in the event you default on your home, it is not a government loan as many people believe.
With the government willing to guarantee the banks will get there money and not have to write off a bad asset, the banks, in turn are typically more relaxed on their qualifying standards than if you were applying with the bank or mortgage company right out.Too, in addition to being easier to qualify for a mortgage loan, even with less than perfect credit, there are a number of other benefits you can receive by getting an FHA loan, such as: a lower down payment than a traditional mortgage, interest rates that are comparable with those that the bank may offer, and the ability to use money from just about anywhere to pay for your down payment.
While a bad credit FHA Mortgage can help you get started, or restarted, on the path to home ownership, keep in mind, that the banks still do not have to lend to you, but an FHA guarantee will certainly help your chances.
So, if you are in the market to purchase a home, make sure you ask your loan officer about whether or not a FHA Mortgage loan is right for you.
You will find that a bad credit FHA mortgage may be your only hope to own your dream home in these tough economical times. More Bad Credit FHA Mortgage - You Can Buy a Home With Less Than Perfect Credit! Issues
