Second Mortgage

How about a turn around and look at a few things in your own backyard?

So now you need to know all about how the FICO credit scoring system works. FICO – Fair ISAAC & Company – is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.

The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress. Here are a few things to look back which could really help you understand why and how you can get approved for second mortgage or a home loan: Read the rest of this entry »

Ever thought of hitting a lottery jackpot while you are broke and have a bad credit that can’t even get you a second mortgage?

Well, getting a 100% financing or no down payment even after you have a bad credit almost feels like winning a big money bag in a supper lotto. Seriously, there are many sub-prime lenders now offer financing packages with zero down.

Note that the interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements. Read the rest of this entry »

There are plenty of home mortgage loans out there for people with bad credit!

However, while shopping for a loan in the sub-prime market you must keep three things in mind.

There are lenders out there who specialize in home mortgage loans for people with bad score who can give you loan options that may not be available with your old lenders. However, some of them take advantage of borrowers by perpetrating various lending scams. Here are a few things you will want to watch out for when getting a bad credit home mortgage loan: Read the rest of this entry »

If you really do want to get into a home, don’t let bad credit stop you.

To start with, try finding a good Real Estate deal. If you can find a property that has some equity in it when you purchase it, you may have an easier time getting financing on that property. To the lender it may be almost as good as if you had some kind of down payment on the property. Some lenders will consider the properties loan to value ratio when they consider the loan. Talk to your mortgage broker and see if this factor could help you get qualified.

Now how about some creative financing? Check if the seller would be willing to carry back a second mortgage on the home. This is where you set up a contract or agreement with the seller that you will pay them monthly payments, including interest of, let’s say, $150/mo on $10,000 dollars of the price of the property, as a second mortgage. Then, to make it nice for the seller, perhaps put in the agreement that the entire amount is due in full within 2 years or something. That should give you plenty of time to refinance and then the seller doesn’t feel permanently locked into the contract. Read the rest of this entry »