Bad
Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage
Loan
By
Carrie Reeder
Do
you have bad credit that you worry will stop you from being able to apply
for a home mortgage loan? Have you given up on the dream of being a home
owner? Well don't. Take comfort in the fact that there are special home
mortgage loans that you can apply for, that will make sure your dreams
of becoming a home owner are fulfilled!
Home
Loans Are Flexible - The first thing you need to keep-in-mind is that
home loan mortgages are very flexible - they can be adjusted to meet the
needs of any borrower. So, if you have a bad credit history, but circumstances
have changed in your life and now you are looking to become a home owner
then all you need to do is to find a lender who is willing to lend.
First
Look at Companies That Specialize in Bad Credit Mortgages - Bad credit
mortgage lenders or otherwise called, subprime lenders, are always the
best place to look first. Bad credit mortgage companies specialize in
lending to people with less than perfect credit to very bad credit, even
if they are first-time buyers. The may charge you extra over the life
of the home loan mortgage than would have otherwise been the case had
you not had the bad credit history, but that's why they're in the business!
Look
Online - Check the Internet - The Internet is the wonder of the modern
age and with it comes all sorts of answers to previously unanswerable
questions. In the case of the Internet, many companies are advertising
that they are willing to lend to first-time buyers who have a bad credit
history. All you need do is look for them.
Consider
an Interest Only Mortgage to Compensate For the Higher Payment - Many
home mortgage lenders offer loans to applicants with poor or bad credit
history for interest only home loan mortgages. With an interest only home
loan, the borrower is only required to pay the interest part of the home
loan mortgage. The principal amount is due years later, depending on which
type of loan you get. This kind of loan can give you the time to fix your
credit and qualify for a better interest rate.
You
can be approved for a home loan even with adverse credit problems like
bankruptcy, foreclosure and other problems that cause your credit score
to be low.
About
the Author: To see a list of recommended bad credit mortgage loan companies
online, visit this page: www.abcloanguide.com/lessthanperfectcredit.shtml.
Carrie Reeder is the owner of ABC Loan Guide. It is an informational loan
website, with informative articles and the latest finance news.
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