Bad Credit Home Purchase Loans Should You Purchase A Home?
Today, those with damaged credit have more opportunities to borrow to buy a house than they have had in the past. There are many lenders that specialize in what is often referred to as a bad credit home purchase loan. However, as with many things in life, just because you can, doesnt mean you should. Indeed, loan availability could be considered a small part of the decision of whether or not you should purchase a home at this time.
What You Can Do
To help you in deciding whether or not you should purchase a home, the first step should be to run the numbers to find out what type of mortgage rates you may be eligible for and how much it would cost you to buy now. Its better to do this before speaking with any lender offering bad credit purchase loans.
The first number youll explore is your credit rating, using information from one or more of the major credit reporting agencies. Among the best known is Trans Union, Equifax, and Experian. Then, youll need to consider the loan-to-value ratio, or the relationship between how much you want to borrow and the worth of the house. Your debt-to-income...
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