How to get a mortgage with less than perfect (bad ) Credit
I know that everyone has heard abut the Mortgage Meltdown but if you have not here it is.
Due to the unprecedented numbers of foreclosures many mortgage banks and lenders have stopped doing a lot of loans for people with less than perfect credit or unverifiable income.
Unless you have a very high score and minimum 10% down you can no longer get a mortgage without verifying your income.
The best source right now for people with bad credit is a government sponsored program called FHA.
It is for people with small down payments and less than perfect credit.
It used to be called the first time homebuyer program years ago when the only loans out there needed 10-20 % down.
It is now a source for a purchase loan, renovation loan to fix up an existing home or to renovate one you are buying.
They are the type of lender that will accept explanations for past credit issues with proof and they use what we call common sense underwriting, not just credit scores.
You need approximately 35 of the purchase price in the transaction but the whole amount can be gifted from a family member, church or charity or government entity.
Also they will allow the seller to pay all your closing costs if you can negotiate with them to do that, which is very common right now.
All this combined with the incredible low prices on property makes now a great time to buy a home, especially your first.
Find a Mortgage broker in your town that does FHA loans and see if you qualify.
Right now it is the best game in town for credit challenged people and they have very god interest rates for you.
If you are buying in Florida, feel free to contact me by email at kbjunor@gmail.com as I have been doing these type of loans for 10 years now as well as finding the right home for you and negotiating with the seller to pay all your closing costs.
I can do mortgages in most states and am located in Fort Lauderdale Florida.
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