Buy A House With Poor Credit – 3 Tips On Getting Approved For A Bad Credit Mortgage
Buying a house is in reach for those with poor credit histories. Even with bad credit, you can secure a mortgage with reasonable rates and terms. Before you assume you have a low credit score, check your credit report. If you do have adverse credit, plan on getting the best rates possible by following these three tips.
1. Up Your Down Payment
Besides your credit report, your down payment will greatly affect the rates you qualify for. In some cases, its possible to qualify for conventional rates with a large enough down payment.
If you have an especially low score due to a recent bankruptcy or foreclosure in the last year, you may be required to put down 50% of the homes value. It is possible to get a mortgage with no cash down, but your rates will be much higher.
2. Be Flexible With Your Terms
Your loans terms can also vary rates within a point or two. Adjustable rate mortgages will start out about a point less than fixed rate mortgages. This will also help you qualify for a larger mortgage. But you may find your rates and payments increase in the...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
