Bad Credit Home
Financing - Get The Mortgage Loan You Want Even With Poor Credit
By Carrie Reeder
Having poor credit alone cannot
hold you back from getting the home loan you want. Buying a home that
is everything you want in a home, is a very exciting experience. The blemishes
on your credit history will not alone keep you from getting the home you
want and the home you deserve.
Here are some things to keep
in mind when moving forward in the application process to get your home
Contact or apply to many different
lenders or brokers - Online you can fill out many mortgage applications
where the lender or mortgage service company does not pull your credit
history. If they don't ask for your social security number, they usually
cannot pull your credit. Brokers usually use the initial application or
inquiry form and what you tell them about your credit to make a decision
about whether they should pursue the application and pull your credit
or not. Many lenders will tell you that you are not going to get approved
anywhere and that if they can't help you, no one can. That is not true.
All mortgage brokers have access to very different mortgage programs and
some brokers are more creative in their financing techniques than others.
Fill out your application or
inquiry as accurately as possible - Inflating your income on your application
or inquiry form, to be higher than you know you can verify your income
to be, will only delay the process of getting pre-approved. The broker
will work the fastest for you if he/she is working with the exact information
he/she needs to be able to verify. That's the best way to get approved
and through the pre-approval process smoothly.
Be persistent - This is the
key when seeking a mortgage loan pre-approval with poor credit, be optimistic.
Look for creative ways to get financing and contact as many brokers as
possible. There is one or more out there that can help you. The key is
to find them.
Start house hunting - Sometimes
the key to getting into a house is finding the right one and a seller
that is flexible enough to help you do some creative financing work. For
example: the seller carrying back a small percentage of the loan, the
seller paying your closing costs or you being able to purchase the house
for significantly lower than market value.
About the Author: To see a
list of recommended bad credit mortgage loan companies online, visit this
Carrie Reeder is the owner of ABC Loan Guide. It is an informational loan
website, with informative articles and the latest finance news.