Mortgages for those with adverse credit have advantages that conventional mortgages dont. The prime advantage is that they are easier to qualify for, even with a bad credit history. Sub-prime mortgages also allow you to build wealth with your home purchase. And they have fewer hurdles, such as not requiring PMI.
Start Building Wealth
Bad credit mortgages allow you to start building equity wealth even if you have a bankruptcy or foreclosure in your past. With rates only a couple of points above conventional rates, you can get into a home with no or little down. For about the cost of a rent payment, you can enjoy tax deductions and home ownership.
Without waiting for your credit score to improve, you can buy a home at todays prices. Even though no one knows for certain what prices will be in the next couple of years, more than likely they will be higher. You can see that appreciation by buying a home now.
Forgo Private Mortgage Insurance And Other Hurdles
Unlike conventional loans, you dont have to carry private mortgage insurance with a sub-prime loan. So even with a down payment of less than 20%, you dont have to worry about premium...
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