Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Tuesday, February 10, 2009
If your credit history isn't particularly good, you may think you're not able to get a mortgage and realize your dream of being a home owner. In reality, you can get a mortgage with bad credit, you just have to look a little harder.
Many things can happen in your life beyond your control. Some of those things affect your credit score. It might be a relationship issue where the bills don't get paid on time, a medical issue with bills piling up or another issue in your life. Even though these things may lie in the past for you now, they still affect the mortgage rates and different types of mortgages you can get.
If you have bad credit and you start your search for mortgage options, the best thing to consider is one of the options beyond the conventional methods of financing. There are many options, but in this article we will focus on three good examples: USDA loans, VA loans, or FHA loans.
If you have very little money to put down on a house, USDA loans may be the right option for a bad credit mortgage. With a USDA loan, the entire cost of the home will be covered, and sometimes a little more. These kind of mortgages do require you to purchase a home in a rural area.
If you're a veteran, or you're serving in armed forces, applying for a VA loan may just be the best option for you. These kind of loans are backed up by the Veterans Administration. VA loans greatly improve your chances of getting a mortgage, even when you have bad credit.
The federal Housing Authority backs up FHA. The FHA was founded with the purpose of realizing the dream of home ownership for as many people as possible. Even if you currently have bad credit, it's possible that you are eligible for an FHA mortgage. These kind of loans are always worth investigating, because they provide numerous benefits, no matter what your credit score is.
Remember, you are not the only one struggling with bad credit. There are a lot of options available for you. It might be harder and you might have to dig deeper... but in the end it's worth it.
Many things can happen in your life beyond your control. Some of those things affect your credit score. It might be a relationship issue where the bills don't get paid on time, a medical issue with bills piling up or another issue in your life. Even though these things may lie in the past for you now, they still affect the mortgage rates and different types of mortgages you can get.
If you have bad credit and you start your search for mortgage options, the best thing to consider is one of the options beyond the conventional methods of financing. There are many options, but in this article we will focus on three good examples: USDA loans, VA loans, or FHA loans.
If you have very little money to put down on a house, USDA loans may be the right option for a bad credit mortgage. With a USDA loan, the entire cost of the home will be covered, and sometimes a little more. These kind of mortgages do require you to purchase a home in a rural area.
If you're a veteran, or you're serving in armed forces, applying for a VA loan may just be the best option for you. These kind of loans are backed up by the Veterans Administration. VA loans greatly improve your chances of getting a mortgage, even when you have bad credit.
The federal Housing Authority backs up FHA. The FHA was founded with the purpose of realizing the dream of home ownership for as many people as possible. Even if you currently have bad credit, it's possible that you are eligible for an FHA mortgage. These kind of loans are always worth investigating, because they provide numerous benefits, no matter what your credit score is.
Remember, you are not the only one struggling with bad credit. There are a lot of options available for you. It might be harder and you might have to dig deeper... but in the end it's worth it.
About the Author:
Esther writes mortgage articles in English, she also writes articles about hypotheek and aflossingsvrije hypotheek in Dutch.
posted by Credit Counseling at
9:56 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home