1. Title:
100% Financing - No Down Payment Home Loans For People With Bad Credit Or
Past Bankruptcy
Word Count:
310
Summary:
What's Going to Help You Get Approved? - To get 100% financing on your
mortgage, that means that you have no down payment, which puts more emphasis on
the other factors going toward your mortgage loan. For example, you will need to be
stronger in the areas like income, employment, recent payment history, low
debt-to-income ratios. If you can strengthen some of these factors you will have a
better chance of getting approved. If you can find a home with a low loan-to-value
rate...
Keywords:
mortgage loan, 100% financing, bad credit, bankruptcy
Article Body:
What's Going to Help You Get Approved? - To get 100% financing on your
mortgage, that means that you have no down payment, which puts more emphasis on
the other factors going toward your mortgage loan. For example, you will need to be
stronger in the areas like income, employment, recent payment history, low
debt-to-income ratios. If you can strengthen some of these factors you will have a
better chance of getting approved. If you can find a home with a low loan-to-value
rate, that may also help your chances of getting approved. Search around. Try to find
a home that is being sold for much less than the appraised value.
What's Going to Hurt You? - A super recent bankruptcy or foreclosure. Although it is
not impossible to get financing under these circumstances, it makes it more likely that
you will need some kind of a down payment.
Watch Out For Sub-prime Mortgage Scams - Borrowers with poor credit are often the
target of inflated interest rates and excessive fees. With adverse credit history, you
can expect to pay a slightly higher interest rate, but make sure you compare at least
2-3 other loan offers to be sure that your interest rate is competitive.
What About After Bankruptcy Mortgages? - You can expect to wait 2-3 years after
the bankruptcy discharge date before mortgage lenders will be completely open to
working with you. However, it's not impossible to get approved for a mortgage loan
before that time, you just may need a small down payment.
Beware of the Pre-Payment Penalty - Mortgage lenders lending to people with bad
credit usually tack on a pre-payment penalty to the borrowers mortgage loan. If you
are ok with a pre-payment penalty, make sure it is for a reasonable length of time,
maybe 6 mo. to a year. You don't want to lock yourself in to higher interest rates for
very long.
100% mortgages