Being able to buy that new home is still an option – even if you have bad credit. Lenders are definitely getting softer on their requirements for financing mortgages for those whose credit is not perfect. Here are some things that you need to know about getting your next home financed with bad credit.
The first thing that you should know is that getting the best deals in mortgage financing is only for those who do have good credit. Still, though, there are deals available that can put you into that house.
A zero down mortgage will allow you to possibly get financing and not even have to put anything down. In fact, it may be possible to get as much as 107% of what you need, and that could even include the closing costs. Depending on your actual credit score, this type of mortgage can be obtained with a credit score as low as 580, with documentation. The way it works is to give the borrower two mortgages, a first and a second. Typically offered in an 80/20 or 75/25 arrangement, this allows you to have greater savings since that process will not require private mortgage insurance.
Another way to reduce the payment is to be able to put something down...
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