Bad Credit Loans
Bad Credit loans which are technically
called "sub-prime loans" can help you buy a
home even if you have bad credit. Mortgage
lenders consider the following most common
types of credit issues "bad credit":
- Credit scores below 620
- More than one thirty day late payment in
the last two years
- Any collection accounts, judgments,
repossessions or liens
- Bankruptcy which was discharged in the
last three years
- Foreclosure in the last four years
Even if you have any of the above credit
issues you may still be able to qualify for a
bad credit loan to buy a home but keep in mind
that you will pay a slightly higher mortgage
rate for a bad credit loan because of the risk
to the mortgage lender.
Bad Credit Loan Programs
Bad Credit loans are available for almost
every type bad credit issue. Below are some
highlights of most common types of bad credit
loans:
- 80/20 bad credit loans - this
100% piggy-back loan option allows
individuals with a credit score of 580 or
higher to buy a home with no down payment.
- 100% single bad credit loan -
this sub-prime loan is also a 100% option
but instead of two loans you have a single
loan for the entire amount. This type of
loan requires a credit score of about 585 or
higher.
- 75% bad credit loans - With a 500
or higher credit score you can buy a home
with bad credit if you have 25% down payment
available.
These samples of bad credit loans are
simply to provide you an idea of what types of
bad credit mortgages are available to help you
buy a home.
Bad Credit Loan Qualifying
Bad Credit loan qualifying is easier than
qualifying for most other types of home loans.
Bad Credit loans are more lenient with
credit and
income qualifying. Learn about
Bad Credit loan qualifying now.
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