Getting a mortgage with bad credit – that is, a credit score of about 579 or below – can be difficult, but you still have options for loans with favorable terms and APRs. Traditionally, home loans for bad credit borrowers fell to the risky subprime mortgage sector.
Bad credit can happen to anyone. All it can take to damage your credit score is a few missed bill payments, some maxed out credit cards or even life circumstances beyond your control, such as divorce or serious illness. When you have a lower credit score, it can be much harder to get a home loan.
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Another option that prospective homeowners with bad credit can take is purchasing a home with a co-borrower. Fixing or Preventing Bad Credit. Having bad credit is not the end of the world. It still may be possible for lenders to give you a loan, provided your credit score is not too low.
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Some companies are specializing on bad credit clients. There are financial institutions that are creating programs for people who have bad credit. These loans are easier to obtain than traditional mortgages and are known as no credit check home loans.
Home Equity Loans. A home equity loan is a loan for a fixed amount of money that is secured by your home. You repay the loan with equal monthly payments.
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This means that if your credit indicators aren’t strong enough, you might be offered a much higher rate of interest on your loan. While your accrued interest can be higher because of flat rates, poor.