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Bad Credit Home Loans

Nationwide Home Buying and Refinancing for People with Poor Credit Scores and Limited Trade lines

Did you know that nearly 40% of consumers in the U.S. have experienced a financial setback in the last few years that has caused their credit score to suffer? The demand for bad credit home mortgage programs has surged since the recession resurfaced. According to, the average credit score dropped nearly 50% in the last 48 months? With more and more people needing a bad credit home loan it has helped make the rates more competitive. Even the Federal Housing Administration is approving bad credit home loans on applicants with fico scores greater than 500.

Learn How to Save Money and Improve Your Fico Scores with Home Loans for Bad Credit

Utilize our bad credit home loan program that offers second chance financing in 50 states. Millions of borrowers have suffered with limited or damaged credit and many lenders are pleased to be able to offer bad credit loans for refinancing or home purchase. Our home financing unit continues to provide subprime financing for new home purchase and refinance transactions.

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Take a minute and answer a few questions on the form above and we will match you with some lenders that specialize in home loans for people with bad credit. The lending quotes are free and there is no obligation.

Government home financing is more popular than ever because FHA continues to ensure fair lending with flexible credit guidelines. Now you can buy a home or refinance your adjustable rate loans even if you have credit scores below 600. Finding a home loan with bad credit allows both fixed and adjustable rate terms with options for interest only payments for qualifying borrowers.

Refinancing a bad credit home mortgage or adding a 2nd loan can help you lower interest rates and reduce monthly payments. Often times, home loans can assist you credit rebounding and in most cases will raise your credit scores with timely payments

Home Loan Credit

How to Buy a Home with a Poor Credit History

Owning a home has long been a cornerstone of the American dream, and with good reason. It provides you with the chance to have a place to call your own, a refuge that you and your family can enjoy together. It's also a major investment, and one that can reward you in many ways. But for those with a bad credit history, it's often more difficult to secure a home loan than they realize.

Luckily, today's lenders offer several different options that can help those with bad credit history find a home loan and purchase the property that they're looking for. There are a few basic points to understand here, but in general the process for people with damaged credit will be very similar to buying a home with decent credit.

Knowing Your Options

The reason that it's now possible to buy a home with a bad credit history is simple? Yes there are loans designed specifically for people with credit problems. For example:

  • FHA Insured - These loans are insured by the federal government and have much easier credit score qualifications than traditional loans. Often, these loans are based more on income levels and down payment amounts than credit. They're easier to obtain and are a great option for those looking to secure a home loan for poor credit history.
  • VA Guaranteed - Similarly, these loans are available through federal government backing and are designed for veterans and enlisted soldiers. They offer good interest rates and can be obtained with a lower than normal credit score. There is no minimum fico score needed to qualify for VA backed loan.
  • Traditional - Lenders like Fannie Mae and Freddie Mac because they buy volumes of mortgages and they even take risks on alternative credit standard loans as well. These loans are designed to help those with poor credit, and can be an option to look into as well.

Your interest rates will be somewhat higher than with a traditional loan because you're an increased risk in terms of your credit score. Rates aren't terrible, but it's worth remembering that you may not get an interest rate as low as your friend for who has a 700 credit score and saving for a 20% down-payment with these home loans for bad credit.

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5 Steps to Take

If you're planning on buying a house but have a poor credit history, there are a few steps you can take that will help you along the way. Here are some things to do.

  1. Maintain employment for a long period of time. Showing secure, stable employment is a key part of being able to secure a loan – especially a poor credit loan.
  2. Save up a decent down payment. In some cases bad credit loans will require as much as 10% to 20% down, but some loans like FHA loans may have just a 3.5% down payment rate if your score is at least 580. Either way, a down payment is important.
  3. Be sure to look at government backed loans. They've been mentioned above, but again – an FHA or similar loan is worth looking at since it offers easier qualification terms.
  4. Manage your credit report. Consider credit repair to help you get approved for mortgage, if you have already been rejected for a loan from subprime and government companies that specialize in home loans for people with bad credit.
  5. Consider an ARM loan if you're only going to be living in a home for a few years. These could be easier to qualify for and offer lower rates initially. Those rates can increase dramatically, so this is only an option if you're not planning on staying in a home for many years.

In short, it's more possible than ever to qualify for a home loan and buy your home – even with poor credit. Just review your options and know what's out there.

6 Most Overlooked Home Loans Options for People with Bad Credit

Buying a home is one of the biggest steps that someone can take in their life, and it offers a chance to give yourself a place to call your own. But while you'll get a place to live that is yours, you also end up with a major asset that can help you in the future in numerous ways. In short, a home is an investment with many rewards.
But what is difficult for many is the fact that bad credit can make it difficult to secure the loan that you really need to buy the home of your dreams. However, what many potential home buyers don't realize is that there are numerous opportunities out there for those hindered with low credit scores – you just have to know what to expect and where to look.
Before you start reviewing the numerous overlooked home loans for those with damaged credit, it's important to remember that you need to be realistic here. Your bad credit means that you're an added risk to lenders, which in turn means that you will likely end up with increased interest rates or down payment requirements. The specifics of your loan will depend largely upon the type of loan that you take out, and as a result it's important to shop around.
With that in mind, let's take a quick look at 6 of the most commonly overlooked home loan options for people who have bad credit.

  1. Rent to Own Home Loans – You have to admit that the concept of renting to own is pretty genius. There is no easier way to go from being a renter to becoming a homeowner than through this unique program.
  2. FHA Home Loans – FHA loans are the gold standard for most bad credit borrowers. These are loans backed by the federal government instead of private organizations. As such, they carry various requirements that make them a more attractive option for many. FHA loans include low interest rate rates, low credit score requirements, and depending on your current credit score could require a down payment of as little as just 3% instead of the traditional 20% that traditional loans require. In other words, they're an option worth thinking about.
  3. VA Home Loans – VA loans are similar to FHA loans, but can be even easier for certain borrowers to qualify for and carry even better interest rates. However, the big drawback here is that these loans are only available to those who have served in the armed forces. As such, many will be unable to even apply for a VA loan. But for those veterans who are shopping for a home, there is no question that these loans are among the very first ones you should look into getting – especially if you have poor or no credit.
  4. Hard Money Loans – If you exhaust other opportunities or want to look into other options, a hard money loan is one choice worth considering. These are loans backed by real property instead of credit worthiness. For example, instead of a loan being given to you because of a great credit score and solid debt to income ratio, you're given the loan due to the value of property that you put up as collateral – even the property you're buying could be considered here. For many struggling to secure a loan due to their credit, this is a valid option. But you'll want to pay attention to interest rates, terms, and the overall loan structure before you sign on the dotted line.
  5. Subprime Loans – The word 'subprime' gets a bad rap due to its role in the major economic downturn just a decade or so ago. But the reality is that subprime loans simply refer to any loan offered to someone with a less than stellar credit rating. They can come with higher interest rates or down payment requirements, but by making it possible for bad credit home buyers to purchase their home, these loans still deserve attention. The key is simply to make sure you understand all terms and conditions before you take out the loan.
  6. Private Money Loans – Traditional loans are backed by the government or by major lending companies. With private money loans you are literally borrowing the money from a private entity – whether it's an investor, an individual, or a company. These loans can ignore credit entirely, but can also have their own unique set of terms and interest rates. As such, you need to be careful when considering them. However, they are indeed a very viable option worth looking into.

All in all, the important thing to remember is simply that you have many options available to you when you are trying to secure a loan – even if you have bad credit. Don't feel as though your poor credit score is making it impossible to buy a home. You have choices, you just need to be aware of what they are and what each one offers to you as a bad credit borrower. Read all of the fine print and consider the options above, and you'll find the loans that work best for you.

More Pages to Visit that Focus on Bad Credit Financing

How to Get a Mortgage for Bad Credit | Bad Credit Home Equity Loans | Second Mortgage for Bad Credit

    • Best way to consolidate 1st & 2nd home loans
    • Lower interest rates with no pre-payment penalty
    • How to consolidate bad debt & collections with mortgages
    • Request Pre-Approval Letters on bad credit house loans
    • Compare terms on home loans with bad credit
    • Refinance your existing bad credit mortgages
    • Timely loan payments will help raise credit scores
    • Learn more on bad credit and home loans for first time buyers
    • Get Tips on Rebuilding your credit & Raise your Scores
    • Cash in with bad credit home mortgage loans
    • Finance Home Improvement and Remodeling Costs

Options for home loans with bad credit are available depending upon and equity and debt to income ratio. Homeowners often have a significant financial edge when it comes to consolidating bad credit and high interest loans. If you took out a poor credit home loan a few years ago it may be in your best interest to compare loan options today because lower rates may lead to lower mortgage payments. Nationwide Mortgages does not offer debt relief or legal advice. Consult with a loan officer, because not everyone will qualify for a bad credit home loan.

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Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. Not everyone will be approved nor can loans be guaranteed online. This website has no affiliation with any government entities. Filling out this form puts you under no obligations. Mortgage rates and home loan programs are subject to change without notice. There is no application fee from participating lenders or banks. This is not an advertisement for credit. This is not a commitment to lend. Certain state restrictions and requirements may apply.

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