Username:   Remember Me
Password:  

Uber Articles {Über (ger) adj. above, beyond }

- Above and Beyond a Mere Article Directory

 
 

Bad Credit Mortgages Factors And Considerations

By Michael Poulson

Every month that you pay rent is a month that you are virtually wasting money. Obviously you need somewhere to live but instead of paying someone else’s bills why don’t you pay your own and buy a home. Bad Credit is the biggest thing that stops people from buying homes. Many people believe that they can never buy a home because of bad credit and they simply give up and continue to pay rent. Well the good news is there are programs out there for people who have bad credit.

An FHA loan is designed for people who have poor credit. The federal housing administration basically acts and insurance to the loan. They protect the lender in case the homeowner defaults on the loan.

It’s a huge difference compared to the 10% down payment on a conventional loan. You must have at least 12 months of perfect payment history on your credit score to qualify, as well as your debt to income ratio to be low. Lastly you must use the property for your permanent residence. Using the property for any type of rental is against regulations.

If you are a military veteran or are currently enlisted you could qualify for a VA loan. The VA loan was created to help our service men and women get into homes and house their families. The credit requirements are very low, and the residual income is easily achieved by most people. You must have a 12 month period of perfect payments on all debts. Spouses of military personnel are also eligible.

There are very people who could honestly tell you that they don’t want to live the American dream. With these programs out there virtually anyone can save up and work towards getting into a home. Simply create a 12 month plan to get yourself on track and by next year you could be moving in to your very own home.

Learn more about mortgages for first time buyers with bad credit and about mortgages for first time buyers with bad credit

categories: real estate,mortgage,bad credit mortgages,fha mortgage,va mortgage,house payment,credit repair,credit history,credit score

Article kindly provided by UberArticles.com

Topics: Real Estate | Comments Off

Tags: , , , , , , , ,


Article Citation
MLA Style Citation:
Poulson, Michael "Bad Credit Mortgages Factors And Considerations." Bad Credit Mortgages Factors And Considerations. 6 Jul. 2010. uberarticles.com. 6 Dec 2015 <http://uberarticles.com/real-estate/factors-to-think-about-with-bad-credit-mortgages/>.

APA Style Citation:
Poulson, M (2010, July 6). Bad Credit Mortgages Factors And Considerations. Retrieved December 6, 2015, from http://uberarticles.com/real-estate/factors-to-think-about-with-bad-credit-mortgages/

Chicago Style Citation:
Poulson, Michael "Bad Credit Mortgages Factors And Considerations" uberarticles.com. http://uberarticles.com/real-estate/factors-to-think-about-with-bad-credit-mortgages/


Reprint Rights

Creative Commons License
This article is subject to a revocable license under a Creative Commons Attribution-No Derivative Works 3.0 Unported License, which means you may freely reprint it, in its entirety, provided you include the author's resource box along with LIVE VISIBLE links (without "nofollow" tags). We may revoke the license at any time with or without cause. You must also include the credit to UberArticles.com.

Comments are closed.

Disclaimer
Uber Articles and its partner sites cannot be held responsible for either the content nor the originality of any articles. If you believe the article has been stolen from you without your permission, please contact us and we will remove it immediately. If you have a problem with the accuracy or otherwise of the content of an article, please contact the author, not us! Also, please remember that any opinions and ideas presented in any of the articles are those of the author and cannot be taken to represent the opinions of Uber Articles. All articles are provided for informational purposes only. None of them should be relied upon for medical, psychological, financial, legal, or other professional advice. If you need professional advice, see a professional. We cannot be held responsible for any use or misuse you make of the articles, nor can we be held responsible for any claims for earnings, cures, or other results that the article might make.
  • RSS Feed

    RSS for Real Estate