We all probably know that getting a mortgage with little or even no credit is pretty much next to impossible. Well, actually it isn't really. You just have to know a few key things and keep these things in mind when going to a bank or broker for a mortgage. Who knows, owning your own home may be a definite possibility.
The first thing to know is that nothing really changes with the procedure of applying for a mortgage with bad or no credit. You still go to the same place that you would need to go for any other mortgage.
When you apply for a bad or no credit home loan you will be asked to prove proof of employment (not to mention the fact that you have been at the same job for a reasonable amount of time), your credit history, the amount of debt that you currently have and how much of a down payment on the property that you have available.
Another possible solution can be that you might be able to look at and get is an FHA loan. These are great for many people who are trying to rebuild their credit after various problems and issues with money that they may have had in the past.
Finally, if you can not qualify for either the bad or no credit mortgage and the FHA loan, you can look at finding a friend or relative willing to vouch for you by co signing on the loan. This will make he or she responsible for paying back the loan as well as yourself. So basically, if you default on payments, they can go after the co-signer for the money.
Getting a mortgage can be a very complicated process if you are with a less than perfect credit rating. However, owning a home in the end makes it worth it!
When you are looking for a mortgage and need to know what your payments will be, you can always check a mortgage payment calculator
Article Source: http://EzineArticles.com/?expert=Nik_Levesque
No comments:
Post a Comment