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Buying a Home With Bad Credit - Get Approved With a Recent
Bankruptcy or Foreclosure
A few years ago, if you had a bankruptcy or a foreclosure on
your credit report, you could forget about trying to get a
mortgage loan. If you were lucky enough to find someone who would
finance you, your interest rate would be through the roof and
plan on putting 10-20% down.
But today, this is not the case. There are many programs
available today to help people who have recently suffered a
bankruptcy or foreclosure to get a mortgage loan or mortgage
refinance loan.
There are two things to do if you are in this situation:
1. Get yourself a free copy of your credit report from all
3 major credit bureaus, look over everything, do you see any
mistakes? Make sure everything included in your bankruptcy or
foreclosure reports accurately on your credit report. Make sure
those accounts involved in a bankruptcy or foreclosure are not
showing something else like collection or charge-off.. That could
make your score much lower than it needs to be. If you have a
bankruptcy or foreclosure, you want everything involved to say
so, so it is all under 1 circumstance, instead of many. You can
dispute all errors on your credit report online nowadays. It
takes about 15 minutes. You can do it right on the website of
Equifax, TransUnion or Experian.
2. Once you have checked your credit reports, apply only to
places that submit your application to many lenders. Every
time your credit report is pulled, it will knock your credit
score down a little. If you apply to a mortgage service that will
submit your application to many lenders, then you only have one
credit inquiry and can receive offers from up to 4 lenders per
application.
Frequently asked questions are:
1. Will I have to make a large down payment? Not
necessarily. If you can get your credit score above a 600, you
should easily be able to get 100% financing, even if it has been
less than two years since your bankruptcy or foreclosure. If your
score is above a 580, you might still be able to qualify for 100%
financing.
2. What kind of interest rate can I expect? Depending
on your credit score and whether you have any down payment or
not, I have heard of situations with a credit score as low as 585
with no down payment and an interest rate as low as 7.25%. That
was quoted in March of 2005.
3. Can I get cash out? On a purchase, not likely. On a
refinance, depending on your amount of equity, that is very
possible.
There are many lenders who specialize in bad credit mortgage
loans. To view our list of recommended bad credit mortgage
lenders, visit this page: bad
credit mortgage loans. These are the best lenders to apply
with.
Written by Carrie Reeder, Owner of http://www.abcloanguide.com.
Carrie's website is an informational mortgage loan website. Her
website has articles and a list of recommended mortgage lenders
for people with low credit scores.
 MORE RESOURCES updated Thu. February / 09 / 2012
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