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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

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Article Citation
MLA Style Citation:
Poulson, Michael "Bad Credit Mortgages Factors And Considerations." Bad Credit Mortgages Factors And Considerations. 6 Jul. 2010. 6 Dec 2015 <>.

APA Style Citation:
Poulson, M (2010, July 6). Bad Credit Mortgages Factors And Considerations. Retrieved December 6, 2015, from

Chicago Style Citation:
Poulson, Michael "Bad Credit Mortgages Factors And Considerations"

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