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3 Alternative Home Loan Options for People with Bad Credit

Rent, Buy & Sell

Great credit allows people to get the best interest rates on various types of loans. Bad credit is usually the result of late bill payments, bankruptcy, foreclosure and loan defaults. In this article, we review 3 alternative financing options for the home buyer that has bad credit. There are some drawback to VA loans.

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Forever Home: A First-Timers Guide to Understanding Home Loans

C4D Crew

If you are considering buying your first home and have no or low credit, you may still be able to procure financing. This article will explain five loan programs for first-time buyers. Federal Housing Administration Loan. That proof may take the form of pay stubs, income tax returns, and bank statements. HomeStyle Loan.

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Should You Consider Contract for Deed Financing in 2021?

C4D Crew

If you have a low credit score combined with some serious recent credit dings, conventional financing could be very difficult to obtain. Research all of the financing avenues that may be available to you. VA loans are great if you are a first-time home buyer. Yes, if you can find traditional financing that’s great!

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21 Dos and Don’ts When Buying a Home

HomeLight

You also want to check your FICO score, as this is what the majority of lenders use ; you can often get your FICO score for free if your banking institution provides it, but otherwise you might have to pay for this service. Lenders will also want to know if you’ve ever declared bankruptcy or owned a house that went into foreclosure.

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Your Go-To Guide on How to Save for a House on a Low Income

HomeLight

We have all heard of putting down the traditional 20% for a mortgage down payment, but this isn’t a requirement for most loans. If you have enough savings to put 20% down, it means you’ll be able to finance less and enjoy a lower rate while you’re at it. USDA loans feature low fees and 0% down payments. NACA is the largest U.S.

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