If you have bad credit, do not settle on the ideal that buying a home
is impossible. True, a high credit rating presents many financing
options. Yet, various lenders focus on bad credit mortgages, which make it
possible to get a home loan with poor credit. 100% mortgage financing for
bad credit applicants is available. To obtain these loans, you must
contact mortgage lenders that understand your situation.
The Advantages of 100% Mortgage Financing
100% mortgage financing are home loans that do not require a down
payment. Some traditional mortgage lenders prefer applicants to have a down
payment. However, saving money is practically impossible. This is a
reality in regions marked by modest incomes and high costs of living. To
assist new and young homebuyers, many lenders offer 100% financing.
Is it Easy to Qualify for 100% Financing with Poor Credit?
Each mortgage lender is different. If you have poor credit, it is
essential to select a lender that specializes in bad credit mortgages. These
lenders, commonly referred to as sub prime lenders, offer a range of
mortgage options to suit your needs.
Traditional lenders that offer 100% financing require applicants to
meet certain requirements. For example, some mortgage companies only offer
100% financing to properties that are owner occupant. Hence, real
estate investors would not qualify. Secondly, some lenders require high FICO
scores and low debt ratios. These stipulations make it impossible to
get approved with poor credit. Fortunately, sub prime and bad credit
mortgage lenders offer easy approvals.
How to Find a Good Sub Prime Lender
Some traditional mortgage lenders such as banks and credit unions offer
sub prime loans. To begin, it may prove worthwhile to contact a local
bank and obtain a quote. Next, search for an online sub prime lender and
request an additional quote.
Visit www.abcloanguide.com to find a list of
reputable online lenders for a 100% financing bad credit mortgage. Ideally, you should obtain
at least four quotes from different lenders.
Mortgage comparisons are vital. Besides, its the only way to ensure
you are getting the best loan possible. An easier approach entails using
a mortgage broker. It's the quickest and most convenient way of
obtaining instant online quotes from several mortgage lenders.
View our recommended lenders for bad credit 100 percent mortgage financing online.
Also check out our recommended online companies to help you with debt problems.