How To Buy A Home After Bankruptcy Or Foreclosure |
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By: Trisha Dingillo Posted: 2007-01-28 22:24:17 |
| If you've been looking for a home and you have bad credit, you may not have had the best of luck finding financing. If banks have denied you financing for a home loan and you're starting to wonder if its possible, don't lose hope, you're merely looking in the wrong places.Bad credit doesn't mean that you cant get a loan to buy a home. It only means that your interest rate will be a little higher than if you had good credit. Most traditional banks might turn you down with low credit scores, prior bankruptcy and foreclosure, but there are other so many OTHER more lenient resources to get you into a home.Millions of Americans are strapped in their financial situation due to poor credit and don't know where to turn. You might think "Gosh, there's no way I can get a loan, my credit is so bad". Think again. Subprime lenders do these loans every single day.1 day out of bankruptcy or foreclosure, buying your first home even with credit scores as low as 500, refinances with under 600 credit scores. These are the types of loans that you can find at a non traditional bank. Be aware before hand, since these are higher risk loans they come with a higher price (interest rate) Make sure that you are able to make higher payments for at least 1-2 years.Once in your home, you can work towards fixing your credit, then refinance into a better rate and lower your monthly payment. You can finally stop throwing money away on rent and live the American dream. Your home is not only your livelihood, its also your biggest investment and your wisest choice if done correctly. |
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