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Home Loans For Credit Challenged Borrowers
By Horace Hawkins, Fri Dec 9th
Just because you have negative items on your credit reportdoesn't mean you can't obtain a home loan. There areoptions for you. Bad credit is not the end of the world. It'strue that getting a bad credit loan is not always theeasiest or fastest loan out there, but you can stillbuy your own home even with bad credit. Bad credit shouldn’t stop you from getting a home loan. Thereare credit repair options. Most brokers will doeverything they can to get your credit in good shape for yourhome loan. They work with you on finding the loanoption that's right for you. You can get a home loan, even ifyou’ve had a bankruptcy or a foreclosure. There are several bad credit loan options available forthe credit challenged and even people with no credit at all,such as: • Sub-Prime Home Loans • Stated IncomeMortgages • No Money Down Home Loans • Jumbo Loans • AdjustableRate Mortgages
Step One: Know Your True Credit Score Perhaps you’ve already been turned down for a becauseof a negative credit report or having no credit at all. Perhapsyou’ve filed for bankruptcy. Whatever the case may be—You knowyour credit is bad. But do you know how bad? Are you sure your credit report is accurate? Eighty percent ofcredit reports have mistakes. At Mortgage-Loan-Advantage.com wehelp you find out if your credit is really as bad as you thinkit is. Here's what we can help you do: • Get a copy of yourcredit report. • Verify the items listed on your credit report.• Take steps to repair any errors on your credit report. • Takesteps to remove errors on your credit report. • Monitor yourcredit regularly. Step Two: Consider Your Options You really have two options, once
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you know what your creditscore is. You can contact a bad credit lender andaccept that for a while you must pay a higher interest rate thanyou would if your credit was perfect. Or you can wait and try to fix your credit and bring up yourcredit score before you buy a home. If your credit history is not that bad, you might want to takesome time to bring up your score. To improve your credit score:• Pay off as much debt as you can. • Pay your bills regularlyand on time. • Don’t apply for too much credit. If you absolutely must get into a home now, or it looks like itwould take too long to bring up your credit score significantly,contact a bad credit lender. Be prepared to pay ahigher interest rate and more “points”—which are a percentage ofthe loan. Step Three: Prepare Yourself with the Facts Before you approach a bad credit lender, prepare. Assess your financial situation. Do you have the income to add amortgage to your debt load? Have you made as many lifestylechanges as possible to reduce your debt? Have you done all youcan to bring up your credit score? If the adverse credit items on your credit report occurredbecause of some reasons beyond your control, for instance,illness, job layoff, marital problems or other temporarysetbacks, you must provide a written explanation of yourcircumstances to the bad loan officer. This can beprovided with the loan application or at some other point in theloan process. If you have had sufficient time to regainfinancial stability since the problems occurred and todemonstrate prompt payment, the lender may offer someconsideration on the rates. About the author:Horace Hawkins is the President of Mortgage-Loan-Advantage.comand HoraceHawkins.com. As a loan broker, Horace servesthe Dallas Fort Worth Metroplex with superior home loanservices.
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